Baillie Motors Profit And Sales Peak

Press, Volume CIII, Issue 30367, 17 February 1964, Page 16

Baillie Motors Profit And Sales Peak

(New Zealand Press Association)

HASTINGS, Feb. I'4. Sales and net profit of Baillie Motors, Ltd., reached a new peak in the latest year, the chairman of directors (Mr W: E. Bate) said in his annual report on the company’s first full year’s operations as a public company. Mr Bate said the company’s sales increased by £123,970 and were about 10 per cCnt higher than in the- previous year. Higher provision had been made for diminution in. the value of used vehicle and parts stocks at balance date. The residual net profit of £27,636 after tax therefore showed only a modest improvement on £26,571 earned for the previous year. After recommending final dividend of 5 per cent making a steady 10 , per cent for the year and absorbing £15,000, a net balance of £12,636 was added to undistributed profits now totalling £80,959. Car Imports Referring to new car imports Mr Bate said the liberalising pf imports in mid 1963 should boost new car deliveries in 1964. It was . well to recognise, however, that such increase in units did not necessarily spell an equal boost in new vehicle profit, because of the automatic change in marketing conditions. However, only a pessimist would not anticipate a measurable net profit increase in this field, Mr Bate said. He said the no-remittance

regulations and bonus plan were to continue until June 30. The bonus plan could possibly be withdrawn on July 1 and, if so, he anticipated that the normal no-remittance arrangement would continue with less buoyancy than in 196?. Cone. Ind., 9s sd; Fiji Inds., 18s 6d; Humes, 88s 6d; Lend Lease, 10s 7d; L.N.C. Inds., 13s; Marrick Hold., 21s; Mauri Bros., 225; Motels Aust, 6s 10d; Mould. Prod., Ils 9d; N.Z. Forest 58s 6d; Peko lss Id; Pioneer Cone., 17s 6d; R. Symonds, 2s 6d; R.M.C., 12s 6d; Taubmans, 17s 3d; Thiess, 8s lOd.