A. S. Paterson 46 p.c. Rise In Group Profit

Press, Volume CII, Issue 30172, 2 July 1963, Page 17

A. S. Paterson 46 p.c. Rise In Group Profit

(New Zealand Press Association)

WELLINGTON, July 1. Group net profit of A. S Paterson and Company. Ltd for the year ended March 31. 1963 was £7B 067 This is a rise of £24.d35, or 48 4 per cent, compared with the £53.732 for the previous year The sum applicable to minority shareholders in some subsidiaries is £24,122 (£15.574) leaving £54,545 (£38.158) as the profits attributable to the members of A S Patterson and Company Ltd “There has been a return to more normal conditions after the difficulties and special circumstances associated with the previous year.” said the deputy chairman (Mr R J Nankervis) in his review This accounted for the substantial rise in profit, he said The profit was struck after providing £76,570 (£50.275) for taxation and £66381 (£62.048) for depreciation Balance carried forward is £106,111 (£97347). Issued share capital is up £lOO at £532.860. and capital reserves total £117311 (£37.819) Assets Revalued The large increase in capital reserves results tram the inclusion of two items assets revaluation reserve and consolidatton reserve. In revaluing some of its lands and buildings, the Ttotaru felling Company, Ltd., created an assets revaluation reserve of £70.306. Subsequently it distributed £30,000 of this reserve as a tax-free bonus issue. Of the remainder £23,107 attaches to the group’s interests and £17.190 to minority ahare-hoidars. The eonsoMqdtton reserve represents the net difference between the actual cost of all ths shareholding to subsidiary companies and the group’* share of the net tangible aawts of those same subsidiaries.

An interim dividend of 3 per cent was paid in December last and a final dividend of 4 per cent, has been recommended Hie total proposed distribution will take £37.301 (£37,293) Concluding his report, Mr Nankervis said: “The group's finances are in a satisfactory state and the improvement in profit forecast last year has been realised. Even so, the directors are conscious of the need to maintain this improvement, and at the moment they see no reason why the current year should be any lees profitable than the one now under review "