Company News DALGETY YEAR

Press, Volume CI, Issue 29952, 13 October 1962, Page 16

Company News DALGETY YEAR

Profit Eases

(NJ). Press Assn—Copyright) SYDNEY, October 12

Dalgety and New Zealand Loan. Ltd., earned a group profit of £1,226,930 for the year to June 30. and will pay an 8 per cent, dividend. This profit is the first since the merger between Dalgety and Company Ltd., and the New Zealand Loan and Mercantile Agency Company Ltd. It compares with a combined profit of £1,404419 in 1960-61. and was struck after providing £723,586 for taxation (£411,183 less than the combined provisions in 1960-611.

It was after allowing £15.227 for outside shareholders* interests.

Directors say in their preliminary report the 8 per cent. ordinary dividend would take £754,010 (compared with £771.260 paid in ordinary dividends by the two companies last year). Preference charge was £11,169 making the total dividend requirement £865,179.

R. And G. Profit Recovery

(N.Z. Press Association) DUNEDIN. Oct. 12. Consolidated net profit of Ross and Glendining, Ltd.. Dunedin textile and footwear manufacturers and warehousemen, rose £25.532 or 22.6 per cent, to £138.711 in the year ended July 19. The previous year profit fell £27.569. This result is reached after provision of £123,651 (up £26.976) for depreciation and £135,524 (up £19,945) for taxation. Earning rate on shareholders’ funds moves up .from 3.64 per cent. to 4.46 per cent. As announced earlier, the company is paying a 2 per cent, centennial bonus in addition to the steady 6 per cent, dividend. The total requirement is £ 133,000, compared with £99.750 last year Seventy per cent, of the centennial bonus will be exempt from taxation in the hands of shareholders. After transfers of £125,000 to general reserve and £50.000 to dividend equalisation reserve, carry-forward is reduced from £222,645 to £87.565. the centennial bonus having been paid from capital profits.

Import, Credit Controls The chairman, Mr E. O Hunter, said severe import control and local credit restrictions had made trade difficult during the year, but manufacturing units had shown increased production and overall turnover was a record.

The group's total expenses increased during the year from £958,682 to £1,067.743 Trade expenses, including interest and bad debts were £875.829 (£796,814 last year) and mortgage interest was £32,984 (£27,411). Total long-term and current liabilities have risen from £1,235.545 to £1,532,758 Overdraft is up from £306,144 to £766,307. Stock rose from £2.964.540 to £3,162,961. Sundry debtors and payments in advance are down from £ 884.992 'to £809,727. This reduction reflected a slowing in sales towards the end of the year. The net value of total fixed assets increased during the year from £353,026 to £526,893 The main additions to buildings, plant and machinery have been at the Roslyn mills.

N.Z. Reserves Higher

(N.Z. Press Association)

WELLINGTON, October 12. Net overseas assets of the New Zealand banking system „n October 3, 1962, were £69.1m, compared with £ 68.8 m 'on September 26, 1962. and £51.1m on October 4, 1961. These figures were announced today by the Reserve dank.

Mutual Benefit.—Recommended final dividend on A shares is 4 per cent., making 8 per cent (unchanged) for the year The dividend is payable on November 1.