Company News BELL RADIO YEAR

Press, Volume CII, Issue 30192, 25 July 1963, Page 18

Company News BELL RADIO YEAR

Profit Soars To £127,075 (N-Z. Press Association) AUCKLAND. July 2. Bell Radio - Television Holdings, Ltd., Auckland, lifted consolidated net profit by £113,242, to £127,075 or more than nine times the previous figure of £13,833 in the year ended March 31. The latest result was obtained after providing £113,358 more for taxation, at £126,018, and £3505 more for depreciation, at £14,070. The dividend was raised from 5 per cent, to 2(1 per cent, including a bonus of 5 per cent., and takes £32,400. Goodwill on consolidation of £36,955 was written off during the year. This item was listed under intangible assets in the balance sheet for the previous year.

An initial transfer of £50,000 to general reserves left a carry-forward of £18,706, compared with £11,849. Trading profit jumped from £38,738 to £269,758. The consolidated balancesheet show’s paid capital steady, at £162,000. Shareholders’ funds are up £56,857 to £230,706 on which the latest profit figure represents an earning rate of 55.1 per cent. The earning rate for the previous year was 8 per cent.

For Sale— Holeproof (N.Z. Press Assn.—Copyright) MELBOURNE, July 24. Offers to take over Holeproof Industries, Ltd., and Holeproof New Zealand will be called for after the end of next month by the receiver of Factors, Ltd., acting for the Bank of New Zealand. This was disclosed at a press conference today by Mr K. W. Vial, the receiver and manager appointed by the bank. A statement of affairs prepared by the directors as at April 2, 1963. discloses an estimated surplus of £1,373,344. Mr Vial said the values of some of t'he assets might prove difficult to achieve upon realisation. He said today there could be a total deficit of something between £lOO,OOO and £350,000. A.N.Z. Bank Shares Taken Up The Australia and New Zealand Bank, Ltd., announces that of the 3m shares of £1 each offered to existing shareholders at a price of 45s a share approximately 961 per cent, have been taken up. The balance not taken up have been sold for the benefit of the shareholders to whom these shares were provisionally allotted. Smith And Brown Lift Sales (N.Z. Press Association) AUCKLAND, July 22. The group sales of‘Smith and Brown Holdings, Ltd., Auckland furniture manufacturer and retailer, jumped by £750.000 to a record level in the year ending May 31. The consolidated net profit for the year was £24,066, or 28.5 per cent, higher at a peak £108,377. All branches contributed to the higher sales and are trading on a satisfactory basis, the acting chairman (Mr E. T. Gillett) says in the annual report.