Company News N.Z. CEMENT PROFIT

Press, Volume CII, Issue 30215, 21 August 1963, Page 19

Company News N.Z. CEMENT PROFIT

First Earned For 5 Yrs. The New Zealand Cement Company, Ltd., and its subsidiary, Cape Development, Ltd., made a consolidated net profit of £615 in the year ended January 31, 1963. This is the first profit earned by I the company, which sold its first cement in 1958. The latest result compares with a loss of £2102 the previous year. Accumulated losses are reduced to £288,285. The chairman (Mr L. D. Cotterill) says th_t sales of cement fell from 80.402 tons to 70.363 tons, “mainly due to reduced deliveries of packed cement by sea.” Production again fell considerably short of capacity. Because of the reduced wear and tear on plant, machinery and motor vehicles, the directors had decided to reduce the rates of depreciation. “Had those rates not been so reduced, the year’s result would have been a loss of £43.726 instead of a profit of £718” (in the parent company’s accounts), he says The consolidated accounts show trading profit down £43,134 at £159,192. Depreciation fell £47,477 at £75.501 and amortisation £3ll lower at £952. Interest payments rose £2093 to £78,030. Paid capital is steady at £ 1.600.000 and loan capital is £289,567 higher at £1.089,364. Current liabilities were reduced by £262.405 to £246.443. Fixed assets were reduced by £ 15,562 to £2,160,424 and investments rose from £875 to £5OOO. Intangible assets are almost steady at £75.397 and current assets rose £40,201 to £406,701.