A.C.L PROFIT CUT

Press, Volume CIII, Issue 30536, 3 September 1964, Page 21

A.C.L PROFIT CUT

Higher Tax Imposed Recent increases in company tax rates will cost Australian Consolidated Industries an extra £104,000 fpr the year to June 30, directors state in their annual report. In effect, the £104,000 tax increase reduces the 1964 group net profit to £2,941,437 (declared at £3,045,437) and raises the year’s tax to £3,020,611 (£2,916,611). The declared profit is after £650,000 for increased cost of replacement of fixed assets, and £233,597 for outside interests. Ordinary and preference dividends absorb £2,071,266. „ Parent Profit Parent net profit is declared at £2,218,105 (up £179,330). Directors propose to bring forward the parent company’s balance date from June 30 to coincide with that of the subsidiaries. The group will have a common balance date at March 31, beginning in 1965. Total grpup sales and output exceeded the figures of 1963, in spite of reduction in several areas of activity, the annual report states. Group trading profit rose by £BOO,OOO to more than £10,000,000 while investment income at £528,006 showed an increase of £64,480.