N.Z. EXPRESS PROFIT UP

Press, Volume CII, Issue 30231, 9 September 1963, Page 18

N.Z. EXPRESS PROFIT UP

36 p.c. Rise To £13,455 (N Z. Press Association) DUNEDIN. September 8 After an improvement in total earnings and a reduction in general expenses, th* New Zealand Express Company. Ltd., of Dunedin, has increased its tax-paid profit bv almost 36 per cent, from £9904 to £13,455. For the year ended June 30, total earnings were up from £195,750 to £204,712 and general expenses were down from £150,460 to £148,679. However, with an increase in depreciation—up from £16,828 to £lB.o47—and an allowance of £lOOO for goodwill written off, total expenses at £177,474 were slightly higher than last year’s total of £177,149. Tax Higher Profit before taxation was £27.238, compared with £19,601 previously and th:* year provision for taxation has taken £13,783 against £9697 previously. From the tax-paid profit of £13,455 dividends—a 5 per cent preference and the unchanged ordinary dividend of 10 per cent—will take £9033 leaving £4422 of the year* profits to be retained. This brings the total of profits retained to £25,065 and lifts total shareholders’ funds (paid capital £102,828) to £288.179. Earning rate on these funds has risen from nearly 35 per cent to just over 4 6 per cent.