ZEALANDIA MILLING

Press, Volume CII, Issue 30092, 28 March 1963, Page 19

ZEALANDIA MILLING

Recovery In Profit The Zealandia Milling Company, Ltd., Christchurch, earned a net profit of £4053 in the 11 months ended December 31, compared with £3231 in the previous 12 months. On an annual basis, the latest result is equal to £4421. The previous year profit had fallen £3lBO. The latest result is reached after providing £3139 (down £ 800) for depreciation and £3200 (u>p £5O) for taxation. The 8 per cent, dividend requires £3lBO and carry-for-ward. after £470 excess tax provision, is raised to £12.088.

Directors say that the alteration in the balance date has enaibled the company to overcome the problem of taking stock when the new season’s wheat is coming in. The alteration meant a drop in sales compared with the previous year, but this was offset by a higher extraction rate irorn better quality wheat.

Paid capital is steady at £39.750 and shareholders’ funds are £1343 higher at £52,580. Current liabilities fell £34,977 to £13,292, mainly through the disappearance of a £37,816 liability against new season’s wheat from this year’s accounts. Current assets fell £31,020 to £38,260; stocks, at £15.326. are down £38,637 and cash, at £18.774, is up £9609. Fixed assets are £2614 lower at £27,612. Business Personal Mr H. Newcombe, managing director of Stanley Newcombe and Company, Ltd., has accepted an invitation to join the board of directors of Wilson and Horton, Ltd. He fills a vacancy on the board. Mr W. B. Jack has been appointed to the board of John Duthie Holdings, Ltd. as from April 1.

Harley Final Dividend.—Harley and Company. Ltd. Greymouth, furniture and general store, recommends an unchanged Anal dividend of 4 per cent., payable April 22. Consol. Quarries. — Consolidated Quarries, Ltd., lifted group sales by 9.6 per cent, (in value) In the half-year to December 31 and earned profit of £63.000 before tax.—(N.Z.P.A.)