LOVE CONST. RECOVERY

Press, Volume CIII, Issue 30482, 2 July 1964, Page 17

LOVE CONST. RECOVERY

Profit Rises To £15,880 (N Z. Press Association) WELLINGTON, July 1. The accounts of the Love Construction Company, Ltd., Dunedin, for the year to March 31, show a partial recovery in net profit. The latest figure is £15,880, compared with £12,600 in 1963 and £24,662 in 1962. The profit is struck after providing £14,760 (£23,722 last year) for tax and £9495 (£6709) for depreciation.

The dividends, are unchanged. The 6 per cent ordinary dividend requires £6OOO and the 5 per cent preference dividend £1250. Reserves will receive £20,000 (nil) and £32,572 (£43.053) will be carried forward.

The balance sheet shows share capital unchanged at £lOO,OOO ordinary and £25,000 preference, capital reserves £1452 (£1250), revenue reserves £102,573 (£93,953) and total shareholders’ funds £229,025 (£220,293). Current assets are £261,803 (£238,618), current liabilities £132,911 (£113,035), fixed assets £61,274 (£58,413) end investments £38,859 £37,107). The directors would like to see the profit and return much higher but margins are to a great extent controlled by market conditions and available labour. This showed little sign of improvement. In the circumstances the result can be considered satisfactory, they say. (

Office Supply Firms Merge

(N.Z. Press Association)

INVERCARGILL, July 1. Two well-known Invercargill business firms, Armstrong and Springhall, Ltd., and British Typewriters (Southland), Ltd., have merged into one organisation. The merger became effective today. The merger between the two firms, dealing in office equipment and machines, is taking place throughout New Zealand.

Mr W. Kessler, Armstrong and Springhall’s technical director, said from Wellington that negotiations for merger were complete in all provinces.

General Finance.—Directors of General Finance, Ltd., say they consider the annual dividend rate can be raised to 8 per cent and accordingly approve an interim dividend of 4 per cent, payable July 31; ex dividend July 25.—(P.A.)