WESTLAND BREW.

Press, Volume CII, Issue 30288, 14 November 1963, Page 27

WESTLAND BREW.

Further Profit Recovery The consolidated net profit of Westland Breweries, Ltd, Greymouth, recovered further to £13,061 —the best result since 1955-56—in the year ended June 30. The latest result represents an increase of £1594. or 13.9 per cent, on last year’s result. This is the fourth successive rise since 1958-59. when profit was reduced to £3218; last year’s increase was £406. The profit is reached after provisions of £12,224 (up £457) for depreciation and £12,436 (up £1466) for taxation. It represents an earning rate of 15.8 per cent (13.9 per cent last year) on unchanged capital. Dividend is steady at 6 per cent and requires £4950. Carry-forward is raised to £65.922. Last year’s provision of £25,000 for prospective loss on hotel assets is not repeated. Earning Rate Up Shareholders’ funds rose £BOB6 to £148,422 and the earning rate on these funds from 8.17 per cent to 8.80 per cent. Current liabilities are £6526 higher at £83,857; overdraft is £18,765 (up £2902); creditors £13,812 (down £2597); and loan accounts £26,384 (up £4315). Current assets rose £4942; stocks are £29.468 (up £4246) and debtors £32,402 (up £714). investments (mainly secured loans to the trade) are £5117 higher at £14,661. Fixed assets, at 1956 valuation less the £25.000 provision made last year, rose £4563 to £155,483. The chairman (Mr J. W. Hannan) says the company plans to make building extensions and install new’ plant over the next three years as the fermenting capacity is being fully used.