BRIT. TOB. PROFIT

Press, Volume CIII, Issue 30368, 18 February 1964, Page 17

BRIT. TOB. PROFIT

10.3 p.c. Rise To £2,494,967 British Tobacco Company (Australia), Ltd., increased consolidated net profit by £233,805 to £2,494,967 (10.3 per cent) in the year ended October 31. The increase follows a recovery of £336,831 in 1962 after a previous two-year profit fall amounting to £721,960. The latest result is after larger provisions for tax, £1,431,963 (up £44,654), and depreciation, £869,585 (up £71,211). Earning Rate Earning rate goes up from 11.4 to 12.7 per cent on ordinary . capital of £18,736,720, after deducting £lll,lBB preference charge. Dividend, raised from 94 to 10 per cent, absorbs £1,873,672 Much of the increase in profit has been due to a gain in cigarette sales, the chairman (Mr T. J. N. Foley) say? in his reviewThe company’s filter-tips captured more than 50 per eent of the over-all market increase in filter sales, while the decline in the sale of non-filters was less marked than in recent years. Repco To Have N.Z. Plant (N.Z. Press Association) WELLINGTON, February 17. The Government has approved the establishment of a new company, to be called the Repco Manufacturing Company (N.Z.), Ltd., at Upper Hutt. Directors of Repco, Ltd., Melbourne, automotive parts manufacturer, announce this in their interim report. Nominal capital of the new company will be £350,000. An undertaking has been given to the Government that within a period of not more than four years from the date of incorporation, New Zealand interests will be allowed .a participation of not less than 4Q per cent in the company.

Business Personal

Mr L. J. Eccles has been appointed sales director of Smith and Nephew (N.Z.), Ltd. He was production and marketing manager. Mr Eccles takes over from Mr P- G. Mullins, who has been transferred to Melbourne as managing director of Smith and Nephew (Australia) and director of Sanausco, Ltd. Mr J. G. Leggat, a Christchurch barrister and solicitor, has joined the board of Credit Services Investments,. Ltd., according to the Stock Exchange.