REID N.Z. RUBBER

Press, Volume CII, Issue 30294, 21 November 1963, Page 21

REID N.Z. RUBBER

14 p.c. Rise In Profit (N.Z. Press Association) AUCKLAND, November 20. Group profit of Reid, New Zealand, Rubber Mills, Ltd., Auckland. improved by £36.179. or 14J2 per cent, to a record £255,409 in the year to August 31. As a result the earning rate on average ordinary funds rises from 11.5 per cent to 12.6 per cent, while lliat on steady capital increases from 18.6 per cent to 21.8 per cent. This year’s profit was reached after providing £2985 less for depreciation at £175,754 and more for taxation at £270,413. The minority interests’ share of the profit fell by £250 to £4685.

The ordinary dividend has been lifted from 9 per cent to 10 per cent, taking £11.170 more at £111.703. In addition the steady 5 per cert preference charge again takes £12,066. The group balance-shee’ shows shareholders’ funds up by £132,062 to £2,237.680 and paid capital steady a £1,358,144. Investoents Have risen from £18,599 to £68,967 Shares in other companies are up by £49,388 to £61.888 Current assets of £1,971,561 (£1,884,219 last year) include cash of £57,144 (£17,944) short-term deposits ol £225.000 (£60,00) and debtors of £641,699 (£612,631). Current liabilities are up from £625,219 to £741,333. Bank overdraft is £113,379 (£84,477) and creditors are £284,083 (£227,102).