TUI PROFIT EDGESUP

Press, Volume CIII, Issue 30603, 20 November 1964, Page 16

TUI PROFIT EDGESUP

3.6 p.c. Rise To £19,698 (N.Z. Press Association) WELLINGTON, Nov. 19. Net profit of Tui Brewery, Ltd., Mangatainoka, for the year to August 31, 1964, was £19,698, against £19,001 the previous year—a 3.6 per cent rise. Result is reached after providing £12,984 (£9330) for depreciation and £18,536 (£17,594) for tax. Preference dividend of 61 per cent takes £972. Steady ordinary dividend of 7 per cent takes £10,447 and is covered 1.8 times. Paid capital is unchanged at £149,259 ordinaries and £14,795 preferences. Reserves are £80,438 (£70,276) making shareholders’ funds £244,492 (£234,330).

Current assets are £140,010 (£149,761), current liabilities £129,186 (£157,177), fixed assets £287,742 (£241,746), term liabilities £90,537 (£52,364) and investments and advances £36,463 (£30,794). CURRENT ASSETS

Current assets include stocks £59,772 (£54,478) and debtors £BO,lBB (£64,439). Current liabilities include overdraft £90,856 (£69,077) and creditors £13,251 (£ll,490). Term liabilities include mortgages £80,537 (£52,364) and a new item long term unsecured loan of £lO,OOO. As announced, directors propose to raise up to £60,000 by the issue of 6J per cent convertible notes at par. It is also proposed to increase authorised capital from £200,000 to £300,000 by the creation of 400,000 ordinary 5s shares. Directors say that the last year has been successful. Volume of production and sales kept pace with the known increases in the total New Zealand market. During the year an agreement was made with Arthur Guinness, Son and Company, Ltd., Dublin, to manufacture Guinness stout. Production is now in full swing.