Alloy Steel Has Profit Recovery

Press, Volume CIII, Issue 30451, 27 May 1964, Page 21

Alloy Steel Has Profit Recovery

Alloy Steel (N.Z.) Ltd., Christchurch engineers and steel founders, made a recovery in the year to March 31 with a profit rise of £3152 or 33 per cent to £12,661.

Profit last year dropped £2943 to £9509. The latest result was reached after allowing £2443 (up £322) for depreciation and £11,624 (up £3166) for taxation. This latest profit is equivalent to an earning rate of 8 per cent on total shareholders’ funds of £117,074 and 15 per cent on capital unchanged at £84,000. . Last year’s earning rate on total shareholders’ funds of £112,647. was 8.44 per cent and on capital 11.3 per cent. . Recommended final dividend announced earlier is 6J per cent, making a steady 10 per cent for the year. Dividend requirement is unchanged at £B4OO. General reserve has been increased by £5OOO to £25,000.

Carry-forward, £6060 last year, is £5487.

Substantial contract work completed during the second half pf the year contributed to the recovery in profit, said the chairman of the board of directors (Mr H. B. Anderson) in his report. . Orders on hand were satisfactory and reflected improved conditions, he said. Profit from manufacturing rose from £19,051 to £25,180. Trading profit was £22,737, a rise of £6407. Current liabilities rose to £27,545 from £22,338. Sundry creditors were £10,461 (£8420). Current assets are £13,294 higher at £60,961 and investments and advances- £2030 lower at £25,963. Fixed assets are £57,695, compared with £59,325 last year.

Wgtn. Publish. Share Split (N.Z. Press Association) WELLINGTON, May 26. Wellington Publishing Company, Ltd.,, publishers of the “Dominion” is to divide its present £5 shares into £1 shares on June 1.