Company News WILSON AND HORTON

Press, Volume CII, Issue 30143, 29 May 1963, Page 20

Company News WILSON AND HORTON

Sharp Rise In Earning Rate (N.Z. Press Association) AUCKLAND, May 28. Wilson and Horton, Ltd, Auckland, publisher of the “New Zealand Herald’’ and the "Weekly News,” made a net profit of £229539 in the year ended March 31. This comperes with £ 147,751 in the previous year. The result represents an earning rate of 9.8 per cent on shareholders’ funds of £ 2,335,566, compared with 6.6 per cent, on funds totalling £2,231,342 the year before. It was achieved after providing £ 80.063 more for tax at £230500. but £24,084 less for depreciation at £149.694, compared with £173,778. The directors state that depreciation has been written off at the full rate for ordinary and special depreciation allowed by the Inland Revenue Department. The reduced provision in respect of additions to plant and buildings in previous years was not offset by depreciation on assets purchased during the year under review. General Reserve £480,000

After adding in £530 for taxation over-provided, compaired with £31.920, and with £ 54.927 brought forward £284.996 was available for distribution. General reserve received £ 80.000. against £71,200 last year, taking it to £480,000.

As previously announced, the dividend rate has been lifted from 6 to 7 per cent vith a final 4 per cent. The total takes £ 106.623 against £81,567.

Im addition, the company proposes to pay a bonus dividend of 2 per cent in November to mark the centenary of publication of the “New Zealand Herald ” This will be paid from 1962-63 profit and will take £30,600. leaving a carry-forward of £67.773. Trading profit before deduction of depreciation and directors’ fees amounted to £590.504. a rise of £136.877 while other income was up £2070 at £23.847.