Dunlop Profit, Output Higher

Press, Volume CIII, Issue 30426, 28 April 1964, Page 17

Dunlop Profit, Output Higher

"The Press" Special Service AUCKLAND, April 27. . After record output of tyres at the Upper Hutt factory, consolidated net profit of Dunlop, New Zealand, Ltd., Wellington, rose 28.8 per cent in the year ended December 31.

As announced earlier, profit was up £71,007 to a peak of £317,515. It represents an earning rate of 15.7 per cent on shareholders’ funds totalling £2,027,104. This compares with 13.4 per cent on ’ funds £194,037 lower in 1962. The managing director (Mr P. Proctor) said in his report that all ■ industry benefited from the upsurge in business activity last year, not least the tyre section of the rubber industry. Output in this sector was

still further increased by the Government decision to remedy the new car shortage by allowing greater imports. As a result, industry output figures showed' a growth in car tyres from 622,000 to 731,000. Mr Proctor said Dunlop had secured a satisfactory share of this growth.

He also announced ' that competitive developments' had obliged the company to enter the field of wholesale retreading of car and truck tyres.

Retreading factories had been bought at Wellington and Palmerston North.

Gross profit for 1963 was up £195,306, or 28.0 per cent, at £893,228.

The net profit was struck after providing £104,912 more for tax at £384,438 and £33,654 more for depreciation at £176,843. Ordinary dividend has been held at 10 per cent, on capital increased by the one-for-three bonus issue and takes £lOO,OOO, against £75,000. The preference payment again requires £22,500.

Export Earnings For Cyanamid (N.Z. Press Assn.—Copyright) SYDNEY, April 27. Export earnings had contributed to Cyanamid D.H.A. Pty., Ltd.’s, profit of £268,257 in 1963, the directors say in the annual report published today. The profit represents an earning rate of 8.4 per cent on capital of £700,000. Directors have declared a dividend of 15 per cent, requiring £105,000. Of this, American Cyanamid Company, which has an 80 per cent interest in the joint venture, will receive £84,000 and Drug Houses of Australia, Ltd., £21,000. Unappropriated profits are £65,001. In the first year of operation, the company incurred a loss of £98,256 because of establishment costs.

Bk. N.S.W.— Bank of New South Wales has announced an interim half-yearly payment of Is (Aust.) a share, payable May 28 and ex dividend May 8. This is in line with last year’s 10 per cent dividend.—(P.A.)