H. J. COURT PROFIT

Press, Volume CIII, Issue 30568, 10 October 1964, Page 20

H. J. COURT PROFIT

Slight Rise To £16,129 (N.Z. Press Association) AUCKLAND, Oct. 9. After record sales, H. and J. Court, Ltd., Hamilton department store, earned a net profit of £16,129 —an increase of £los—in the year to July 19. Sales to date in the current year show a satisfactory increase. The result—the company’s first as a public company—represents earning rates of 6.9 per cent on average funds and 11.5 per cent on capital. Trading throughout the year was steady without being spectacular, but June and July were not as buoyant as the earlier months of the autumn season, the chairman (Mr B. E. Woodhams) says in the annual report. A small increase in sales to a new peak was achieved. Indications are that the current year should provide good conditions for sound trading. The result was struck after providing £849 more for depreciation at £10,824 and £383 more for tax at £16,129. The 7 per cent dividend takes £9BOO. Shareholders’ funds increased £6320 to £238,548, including capital, all ordinary, of £140,000. Directors propose to lift nominal capital to £210,000 to enable the board to move without delay should opportunity for expansion offer. Net fixed assets are £424 up at £148,270 after deduction of £3498 less for term liabilities at £51,667. Investments rose £447 to £9443. Working capital is £458 higher at £80,835. Riley Holdings Sales Higher (N.Z. Press Association) AUCKLAND, Oct. 9. Sales of Riley Holdings, Ltd., Auckland clothing manufacturers, rose slightly In the six months to September 30, compared with the corresponding period of last year, the chairman (Mr L. N. Ross) says in an interim report. The forward order position of the company is good, he says. Profit for the six months, subject to audit, is running at about the same level as in the previous year. Directors have declared a steady interim dividend of 4 per cent.

N.Z. Reserves Fall £4.9m. (N.Z. Press Association) WELLINGTON, Oct. 9. The net overseas assets of the New Zealand banking system on September 30 were £83.9m, compared with £BB.Bm on September 23 and £77m on October 2, 1963. These figures were announced today by the Reserve Bank.