Company News CORY WRIGHT PROFIT UP

Press, Volume CII, Issue 30211, 16 August 1963, Page 19

Company News CORY WRIGHT PROFIT UP

£2756 Rise To £53,494 (N.Z Press Association) WELLINGTON, Aug. 15. The consolidated net profit of Cory Wright and Salmon, Ltd, for the year to March 31. 1963, was £53,494, against £50,738 the previous year. The result is reached after provision of £18,566 (£17,036) for depreciation and £53,830 (£50.835) for tax. The amount available is increased by £177 (£223) from tax over-provision the previous year.

Preference dividend of 5 per cent, takes £5OOO and steady ordinary dividend of 8 per cent, takes £23.040. Paid capital is unchanged at £288.000 ordinary and £lOO,OOO preference. Reserves amount to £182,409 (£156,673). Shareholders’ funds are £570,409 (£544,673). Current assets are £1,151,255 (£1,033,724) and current liabilities £650,479 (£558,237). Provisions take £84,208 (£78,875), fixed assets are £209.050 (£204.271), fixed liabilities £91,000 (£92.000), and investments £2459 (2459). Net balance on consolidation is £33,331 (£33,331). Current assets include debtors at £397,745 (£287,434), and stock at £747.607 (£740,148) Current liabilities include trade creditors at £509,863 £433.975). Overdraft is £140.616 (£124,262).

Net asset backing of the preference shares is £5 14s Id (£5 8s lid) and of the ordinary shares 32s 8d (30s lid) The chairman, in his report, says that compared with the previous year, revenue was less by £4847, but a reduced cost of working of £10.598 produced an improvement of £5751 in profit before tax. Trading figures with Budget forecasts, provide an expectation of results no less favourable for current year, he said. Business Personal Mr H. R. Melchior, general manager for New Zealand for Henry H York and Company Proprietary, Ltd., left recently for Europe on a business trip. He will visit the company’s principals in Germany.