SMITH AND SMITH

Press, Volume CI, Issue 29956, 18 October 1962, Page 25

SMITH AND SMITH

Profit Down 4.7 Per Cent. (N.Z. Press Association) WELLINGTON, October 16. Consolidated net profit of Smith and Smith, Ltd, Wellington paint and glass merchants. fell £5788. or 4.7 per cent, to £104.207 in the year ended June 30. Profit was reached after providing £20.341 less for tax at £93.525 and £3716 more for depreciation at £50.323. Of the net tax paid profit of £105.459 (£110.785) £1252 (£1290) is minority interests, share of the earnings. Steady Dividend Dividends for the year are unchanged 6 per cent- on preference shares, including 1 per cent, bonus and 6 per cent, on ordinary shares. The ordinary dividend requires £46.200 and the preference £2700. Fixed-term liabilities totalling £715,137 (£617,9691 include £630,120 (£566.260) mortgages and £85.017 (£51,709) depositors. Current liabilities totalling £588,510 (£634.854) include overdraft of £187,097 (£229.349'. Fixed assets are £988,424 (£984.123). investments £443.388 (£333.3321 and current assets £1,319,518 (£1,287,735).

The directors say that, in effect, the trading profit fell by about £20,000 compared with the previous year. Sales were maintained at a veryhigh level in spite of more competitive trading conditions. The decline in house building accentuated the competition for the supply of building materials, which resulted in lower profit margins.