CON. PLASTICS HOPE FOR HIGHER PROFITS

Press, Volume CIV, Issue 30804, 16 July 1965, Page 15

CON. PLASTICS HOPE FOR HIGHER PROFITS

(New Zealand Press Association/

AUCKLAND, July 15. Provided trading conditions continue at the expected level, Consolidated Plastic Industries (N.Z.), Auckland, expects a further increase in profit in the current year, the chairman (Mr E. H. Nolan) says in the annual report. Both sales and profit in thef However, it includes eight year to March 31 last exceed-1 months’ results of J. Yock. ed expectations. Profit of Consolidated Plas-

The benefits of the takeover of J. Yock and Company are already apparent over the relatively short period during which it has been effective, he says. Additional plant installed during the year, together with further additions proposed ■ for the current year, have a full load of wbrk for many months ahead. The accounts show consolidated net profit announced in the preliminarv statement as £220,000, at £229.576. This is an increase of £64,003, or 38.6 per cent, on the previous year.

tic for last year plus eight months’ profit of J. York at the rate of that earned in the year to June 30. 1964, would work out at about £224,500. Sales Increase Sales increased £1,349,180 to £2,878,705. Tax provision is after taking full account of the investment allowance. Because of the J. Yock take-over, the consolidated balance sheet figures show very great changes from last year. The take-over increased capital by £285.000, issued at a premium of £983,250, which explains the strong rise in reserves. However, the result also was an increase of nearly £900,000 in intangibles (goodwill on consolidation). Since the balance date, capi- ■ tai has been increased to | £860,000 in an undisclosed I take-over. [ Other main changes are a £407,953 increase in stocks to £625,072 and a rise of £275,459 in debtors to £426.950. Creditors are £149,891 higher at £321,706, while last year’s cash balance of £45 898 has been replaced by an overdraft of £22,281.