M. O’Brien Lifts Profit To £21,372

Press, Volume CIII, Issue 30542, 10 September 1964, Page 21

M. O’Brien Lifts Profit To £21,372

M. O’Brien and Company, Ltd., Christchurch footwear manufacturers, lifted its profit £2986, or 13.6 per cent, to a record £21,372 in the year to June 19.

Profit is after allowing £12,461 (up £3893) for depreciation and £20,490 (up £3443) for taxation. As previously announced, a final dividend of 1\ per cent recommended will make a steady 121 per cent for the year taking £12,500. Shareholders will consider the proposed one-for-eight bonus issue which will raise issued capital from £lOO,OOO to £112,500, at the annual meeting later this month. Earning rate on shareholders £7910 higher at £162,053 rose to 12.4 per cent from 11.9 per cent. A sum of £2500 is transferred to general reserves which stand at. £32,500. Carryforward is £14,753, against £9343 brought in. A reduction of £6424 in sales of £512,303 was caused

by production of a greater percentage of lower priced shoes, says the chairman of directors (Mr M. F. O'Brien) in his annual report. Samples of men's shoes had been sent to Vancouver and New York, and the company was making every effort to establish steady export markets, he said. Information on the company's products had been sought from many other countries. Current assets are £19.410 higher at £179,410, and current liabilities up £16,957 at £96,438.

Fixed assets are £71,693 (up £2242). Investments total £7388 (£7325 last year).