VIBRAPAC MASONRY

Press, Volume CIII, Issue 30587, 2 November 1964, Page 18

VIBRAPAC MASONRY

Profit Rises To £19,736 (N.Z. Press Association) WELLINGTON, Nov. 1. In spite of bad weather over the last three months of the year which slowed down the rate of building, trading continued at a high level and sales for the year increased by 51 per cent, say directors of Vibrapac Masonry (Wellington), Ltd. For the year to August 31, 1964, the net profit was £19,736 against £9352 the previous year. The result is after provision of £15,506 (£12,406) for depreciation, including £4728 (£3173) for special depreciation and £17,500 (£9900) for tax. Directors say that deduction for investment allowance on new plant and the 150 per cent deduction for export, promotion expenditure have been taken into account in calculating tax provision. Dividend raised from 6 per cent to 8 per cent, takes £7960 and is covered 2.5 times. After writing off £1305 of preliminary expenses, carry forward is £15,559 (£5088). Paid Capital

Paid capital is unchanged at £99,500, all ordinary. Reserves amount to £20,559 (£10,000), making shareholders funds £120,059 (£109,008). As announced it is proposed to raise £30,000 by the issue of 60,000 convertible notes of 10s each in the ratio of three for every five £1 shares held.

The notes will bear interest at 6} per cent till October 31, 1968, when they will be converted into ordinary 10s shares on the basis of four shares for five notes. The shares will rank in full for any dividend for the year to August 31, 1970. It is proposed to divide all the shares of the company into 10s units.