J. SMITH’S YEAR

Press, Volume CIII, Issue 30588, 3 November 1964, Page 17

J. SMITH’S YEAR

Peak Trading Profit (N.Z. Press Association) WELLINGTON, Nov. 2. A non-recurring expense of £8327 for the recent note issue is written off in full in the accounts of Janies Smith, Ltd., Wellington department store, for the year to July 19. As announced earlier, the net profit for the year was £4049 lower at £59,654. The latest accounts show a record gross trading profit of £573,496 (last year £544,301). The net result is after providing £59,179 for taxation (£63,703) and £25,586 for depreciation (£25,745). The steady 9 per cent dividend takes an unchanged £33,750 and is covered 1.76 times. Major Item A major item of expense—advertising, salaries, trading and general—was up by £18,963 to £397,687.” The chairman (Mr D. A. Smith), in his review, says: “In a period of over-full employment, it becomes increasingly difficult to keep the increase of this item in proportion to the increase in the volume of sales.” Carry-forward, after adding unappropriated profits brought forward from last year of £160,203, is £186,107 (£160,203). Shareholders’ funds are £24,952 higher at £716,992, comprising unchanged issued capital of £375,000 and reserves totalling £341,992. Earning rate on total shareholders’ funds slips from 9.2 to 8.3 per cent.

Paramount’s Profit Rise Paramount Housing Estates, Ltd., Christchurch land developers, has announced a profit before taxation and audit of £18,379 for the year to September 30. Directors have recommended a steady dividend of 6 per cent, payable February 2, register closing from January 25 to February 2. Last year’s net profit after tax was £5552.