TURNBULL AND JONES

Press, Volume CII, Issue 30178, 9 July 1963, Page 17

TURNBULL AND JONES

9 per cent. Rise In Profit (N.Z. Press Association) WELLINGTON, July 8. Turnbull and Jones, Ltd* Wellington, electrical engineers and merchants, increased consolidated net profit by £4004. or 8.5 per cent, to £51,079 in the year to March 31. Profit was reached after providing £498 more for depreciation at £26,132 and £3094 more for tax at £50.643. The earning rate on ordinary capital improved from 19.8 to 21.7 per cent. Preference dividend of 5J per cent, takes £5500 and ordinary dividend of 9 per cent. £18.900.

Paid capital is unchanged at £310,000—£210.000 ordinary and £lOO.OOO preference. Reserves amount to £392,746 (£365,618). Deb. Share Placement

The directors say that at balance date they had completed negotiations for a rearrangement of the company’s secured borrowing involving the issue of secured debentures and a small placement of ordinary shares at a premium, to take effect from April 1.

They say details of the new capital structure have been supplied to the Stock Exchange Association, but do tot state what these details ire.

Capital will be increased by £60,000 in April, 1965, when ( note issue of £75,000 is concerted.

The balance-sheet shows hat current assets are 11,206,213 (£1,176,108 last year). Current liabilities are .'612,553 (£595,588), fixed issets £364,151 (£357,269). and term liabilities, £180,065 (£187,630).

Current assets include, stock £907,422 (£916,563) and debtors, £298,106 (£258,848). Current liabilities include bank overdraft, £240,483 (£275,075) and trade creditors £272,027. Fixed assets are entered in the books at 1957 valuation, plus additions at cost.