Company News MEAT PACK YEAR

Press, Volume CI, Issue 29990, 27 November 1962, Page 17

Company News MEAT PACK YEAR

Profit Up 34 p.c. Meat Packers (New Zealand), Ltd, made a net profit of £23Jill for the year ended June 39, 1962. This was a rise of £5849, or 33.7 per cent, on the previous year’s result. This profit was struck after providing £23,527 for taxation < £ 14.748 last year) and £18.993 (£15,063) for depreciation. During the year quarterly dividends at the annual rate of 8 per cent, were declared on ordinary capital. Preference dividends were also declared for the full year at the rate of 7 per cent. The directors now recommend, aas a final dividend, the payment of a bonus of 2 per cent, to holders of “old" ordinary stocks. This will absorb £3OOO. The dividend rate for ordinary stock participating for the full year is therefore 10 per cent. Paid capital is £350.000 (£105.000), being £300.000 (£100.000) ordinary and £50,000 (£5000) preference. Assets Up

Current assets stand at £482,743 (£214,326), with current liabilities of £493,422 (£271.641). Fixed assets total £292,301 (£267,317), while fixed liabilities amount to £128.462 (£130,187). Total intangible assets are £32,800 (£31,200). The trading profit of the company was £67.429. Dividends paid and recommended will absorb £ 13,725 of the £23.211 net profit, leaving a credit balance of £9486. A keen demand for meat products on both local and export markets lifted turnover by £794.804 from the 1961 total of £1,012,554 to a record £1.806.638, an increase of 79 per cent, for the year.