KAURI LOSS £700,000
Depression In Building (N.Z, Press Association) WELLINGTON. December 13 The Kauri Timber Company, Ltd., announces a consolidated loss of £707.713 for the year to August 31 after £28.140 depreciation and £2900 taxation. Directors report a substantial loss on trading for the whole year, primarily caused by a continuance of extremely competitive and depressed conditions in the group's principal activity of the supply of timber and building materials to the Australian housing industry. As indicated in the interim report, made in June, 1962. improvement in that industry was much slower than had been expected Though the rate of trading losses progressively diminished throughout the period it was not until the current financial year that losses on the group's activities were halted. A complete survey of all group activities and of the value of assets is currently being conducted, and it is hoped that at the annual meeting on December 20, directors will be able to report on the results. Meanwhile, it was deemed advisable to allocate £750,000 of the consolidated reserve to a specific reserve for fluctuation in value of stock and book debts. No dividend is being recommended on ordinary shares.
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Press, Volume CI, Issue 30005, 14 December 1962, Page 17
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194KAURI LOSS £700,000 Press, Volume CI, Issue 30005, 14 December 1962, Page 17
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