N. Cropper Lifts Profit By 45 p.c.

Press, Volume CIII, Issue 30496, 18 July 1964, Page 18

N. Cropper Lifts Profit By 45 p.c.

(JVeia Zealand Press Association?

AUCKLAND, July 17.

As a result of the 45 per cent increase in net profit recorded in the year to March 31, earning rate of Neill Cropper Holdings, Ltd., Auckland, was lifted from 14.4 per cent to 18 per cent on higher shareholders funds.

At £816.554, after deducting minority interests, the funds were £113,510 higher than last year, reflecting a rise in paid ordinary capital from £597,300 to £607,300. This resulted from the issue of 20.000 ordinary 10s shares to Starch Products, Ltd., England, in exchange for its 25 per cent shareholding in Wheat Industries (N.Z.) Ltd., which is now wholly-owned by Neill, Cropper. Consolidation of group activities and the general economic prosperity in New Zealand were mirrored in the 33.3 per cent rise in gross profit to £400,814. Net profit, as previously announced, was raised by £45,665 to £147,137. It was reached after providing £167,785 for tax against £122,909 last year, and depreciation £3593■ higher at £56,147. The higher ordinary dividend of 8| per cent required £51,620, last year’s 7j per cent payment having required £44,719, while the preference charge rose from £2828 to £4875. Carry-forward The carry-forward was lifted from £115.608 to £208,372, bringing total reserves to £244,662. Current liabilities rose from £950,888 to £1,069,540. including creditors £82,079 hieher at £674,267.

Current assets totalled £1.663.356, an increase of £197,982. This includes debtors of £1,251,382 against £1,070,822. the balance sheet figure being reached after writing-off any debts apparently doubtful on balance-date. Fixed assets reflected the cash take-over of Pukemiro Collieries. Ltd., during the vear. with a rise from £522.707 to £605.625. Group net profit for the year, however, did not include any earnings from Pukemiro.