REX CONSOL PROFIT UP

Press, Volume CIII, Issue 30447, 22 May 1964, Page 17

REX CONSOL PROFIT UP

23 p.c. Rise In Latest Year (N.Z. Press Association) AUCKLAND, May 21. Rex Consolidated, Ltd., Auckland hardware and garment manufacturing group, has raised its dividend from 9.per cent to 10 per cent following a 22.6 per cent rise in consolidated net profit, in the year to March 31. Last year, the dividend was lifted from 8 per cent. Profit jumped £10,048 to £54,801, the chairman (Mr L, N. Ross) announced today. This result was achieved after providing £8978 more for depreciation at £2112 and £9220 more for taxation at £52,997. It represented an earning rate of 28.1 per cent on capital increased by £9450 to £194,850 as part-payment for a property.

Legal And Gen. New Business

(N.Z. Press Assn.—Copyright) SYDNEY, May 21.

Legal and General Assurance Society, Ltd., wrote £42.1m new business in Australia during 1963. This showed a rise of 9 per cent compared with the previous year’s result of £38.6m. The society as a whole lifted hew business from £4l6m to £446m for the 12 months. The chairman of the Australian board (Mr W. C. Balmford) said today: “The growth in the society’s life insurance business in Australia was very much in line with that for the whole of the society’s worldwide business."

He pointed out that the society had always invested the whole of its Australian income in Australia and in addition diverted a portion of its overseas earnings to Australia.

Rolls-Royce.— of Australia Pty., Ltd., incurred a further net lose of £34,578 for the year ended December 31. This follows losses of £26,121 for 1962 and £26,423 for 1961.—(P.A.)