H.B. PROFIT DOWN

Press, Volume CIII, Issue 30511, 5 August 1964, Page 21

H.B. PROFIT DOWN

Bad Season Blamed

(N.Z. Press Association)

WELLINGTON, August 4. Directors of Hallenstein Brothers, Ltd., Dunedin-based men’s and boys’ wear retailers, announce that subject to final audit, the net profit after tax for the year to June 30 was £59,761, compared with £65,498 last year. A final dividend of 2J per cent preference (making 5 per cent for the year) and 7} per cent ordinary (making a steady lit per cent for the year) is recommended, payable on September 24; ex dividend September 9. After covering total dividend requirement of £57,281 and adding back £l2O overprovided tax, £2600 will be added to the carry forward in the appropriation account. Property Sold

After the sale of the second Auckland property (announced last year) a further £54,000 has been added to capital reserve, and £2950 to general revenue reserve. The decrease in profit was caused by the cumulative effects of a late and cold summer followed by a mild winter season which held sales figures to little more than the previous year, while expenses continued to rise. A new branch was opened at Porirua in May and another is under construction at Upper Hutt. This will bring total retail outlets to 39.

Note Offer By A. Barnett

(N Z. Press Association)

DUNEDIN, August 4.

Arthur Barnett, Ltd., Dunedin retailer, is asking shareholders to take up unsecured deposit notes in the company.

The company in its offer to shareholders has not stated the amount which it hopes to raise from shareholders.

Interest rates are as follows:

At call, 4} per cent a year; fixed term (6 months), 5J per cent a year.

Fixed term (more than 6 months and up to 2 years) 5j per cent a year. Fixed terms (more than 2 years), 6J per cent a year.