N.Z. UNITED CORP.

Press, Volume CIV, Issue 30745, 8 May 1965, Page 20

N.Z. UNITED CORP.

Premium Issue Profit, Div. Up

(N.Z. Press Association)

WELLINGTON, May 7. The New Zealand United Corporation, Wellington underwriter, investment banker, and short-term money market operator, increased its profit by 29 per cent to a record level and will lift its ordinary dividend from 6 per cent to 8 per cent. A one-for-ten issue of ordinary 10s shares at a 5s premium is proposed, the chairman (Mr F. H. Renouf) announced today. Latest Profit

The latest profit subject to audit, is £53,859 against £41,737 the year before. It includes non-recurring revenue of £2834.

Mr Renouf says that capital reserves have increased by £42,534 to £55,416 during the year. In the previous year they increased by £7771. Paid capital now is £326,667 ordinary, £65,000 preference. The issue will increase ordinary capital by £32,667 to £359,334.

Press Profit £62,042

The net profit of the Christchurch Press Company, Ltd., for the year to March 31 was £62,042 against £65,009 last year.

The latest result is after providing £37,541 (£35,048 last year) for depreciation and £61,376 (£64,307) for taxation.

The dividend is a steady 10 per cent, but since the last balance date one-for-five and one-for-six bonus issues have lifted paid-up ordinary capital from £250,000 to £350,000. This has raised the dividend requirement by £5OOO to £30,000.