PROFIT DROP BY HEARDS

Press, Volume CIV, Issue 30763, 29 May 1965, Page 21

PROFIT DROP BY HEARDS

Dearer Sugar Blamed

(N.Z. Press Association) AUCKLAND, May 28. Although sales of Heards, Ltd., Auckland confectionery maker, advanced 16 per cent on last year’s record in the year to March 31, net profit fell £B7O, or 3.6 per cent to £23,582 because of the higher cost of sugar. It was not possible to recoup the 50 per cent increase during nine months in selling prices, the chairman (Mr L. H. Heard) says in the annual report. Overhead expenses were markedly higher. Tangible benefits from the association with Life Savers are now becoming apparent, Mr Heard says. Plans are in hand to make other lines marketed by this group in Australia. Export Market

Exports doubled and directors hope to finalise in the near future an agreement with a United States company for the manufacturing rights of its products for sale in this country, Australia and the Pacific. Result was struck after providing £2025 more for depreciation at £19,096 and £1463 less for tax at £17,240. Earning rate on average funds was 7.6 per cent and that on capital 10.5 per cent compared with 7.9 per cent and 10.9 per cent respectively last year. Steady 8 per cent dividend takes £17,972. Shareholders’ funds rose £5610 to £314,381, including capital, all ordinary, of £224,640. Rugby Tour.—The Papakura Rugby Club will play four matches in Queensland during a two-week tour in October. Shipping Telegrams AUCKLAND, May 28. Arrived.—Chusan (6.22 a.m.) Sydney; Pateke (12.50 p.m. Timaru; Maranui (1.45 p.m.) Timaru. Sailed.—Seven Seas (5 p.m.) Papeete: Ringulv (5.30 p.m.) southern ports; Chusan (midnight) cruise. NEW PLYMOUTH, May 28. Arrived. Canterbury Star (5.45 p.m.), Lyttelton. Sailed.—Argo (3.10 p.m.), Sydney. WELLINGTON, May 28. Arrived.—Konanda (5.30 a.m.). Nelson; Scottish Star (5.30 a.m.), Lyttelton; Ceramic (7.20 a.m.), Bluff; British Kiwia (11.43 a.m.h Kwinanna. Sailed. —Bankura (12.30 p.m.), Napier; Ranginui (4.5 p.m.), Kaiapoi; Port Hobart (4.19 p.m.), Aden; Tjimanuk (4.50 p.m.), Lyttelton; Konanda (6.10 p.m.), Nelson. DUNEDIN, May 28. Arrived.—Karimata (7.50 a.m.), Lyttelton; Harmattan (8.15 a.m.), Wellington; Calm (11.25 a.m.), Wellington. BLUFF, May 28. Sailed.—Caltex Perth (11.40 p.m.), Persian Gulf.