Company News CANTERBURY SEED

Press, Volume CII, Issue 30058, 16 February 1963, Page 16

Company News CANTERBURY SEED

Rise In Net Profit

The consolidated net profit of the Canterbury (NX;) Seed Company, Ltd... Christchurch, rose £21,321—0r 31.7 per cent.—to £88,485 in the year ended November 30, 1962. This result is reached after provision • of £51,777 (up £3040) for depreciation and £90.400 (up £22,130) for taxation.

The interest of outside shareholders in the subsidiary company’s profit rose from £39,471 to £54358, leaving £34,127, compared with £27,693 last year, as the holding company’s share. The recommended dividend is 6 per cent plus a bonus of 1 per cent., compared with last year’s 6 per cent., and requires £ 16,485, against £14,130 last year. Recommended transfer to general reserve is again £3OOO and carry forward is Increased from £65,786 to £80,428. Exchange Listing

The directors have considered the question of stock exchange listing and an application has been made. The company’s articles of association are being revised and resolutions will be submitted at an extraordinary general meeting to be held on March 12, the date of the annual meeting. Current liabilities in the consolidated balance sheet rose from £448,907 to £488,321, including an increase from £170,725 to £221,720 in overdraft. Term liabilities are down from £204,653 to £192.660. The interest of outside shareholders rose from £299,885 to £343.049.

Paid capital is unchanged at £235,500 in £1 shares and capital reserve is steady at £22,364. Revenue reserves, with this year's transfer, total £215,909 (£198,267 last year). Current assets rose from £683,541 to £748,179, stocks increasing from £458,083 to £500,284. Fixed assets are £464,214 (£432,326) and plant and equipment totalled £285,410 (£293,709).