New Peak Profit For Farm. Fert.

Press, Volume CIII, Issue 30499, 22 July 1964, Page 21

New Peak Profit For Farm. Fert.

(Neu> Zealand Press Association/ AUCKLAND, July 21. With fertiliser output higher by 11 per cent, and total sales of more than £6m, the New Zealand Fanners’ Fertiliser Company, Ltd., recorded a 51.5 per cent increase in group net profit in the year ended May 31. At a new peak of £427,875, the net result was £145.375 higher than in the previous year.

In spite of the rise of more than 58,700 tons in output from the company’s four fertiliser works during the year, demand could not be fully satisfied, said the chairman (Mr J. B. Johnston). Sales, however, totalled 576,000 tons, compared with 517,416 tons last year, producing a gross trading profit of £1.851,850 —a rise of £262,280. Mr Johnston said that a Start had already been made to meet the need for increased production by the provision of additional cap- • acity. The company was doubling

the capacity of the New Plymouth works, and extra tonnage was expected from this source before the end of 1965.

Similar expansion at Auckland was expected to take effect by autumn of 1966. New Production

The Whangarei works of the Northland Fertiliser Company, Ltd., was due to begin production in November and dispatching immediately after Christmas. It was hoped that the planned Wellington works to be built in conjunction with Kempthorne, Prosser and Company, N.Z. Drug Company, Ltd., would be in production by the end of 1968. The net profit, which excluded minority interests, was equal to an earning rate of 12.5 per cent on shareholders’ funds, against 8.6 per cent last year.