T. And J. Profit Increases 60 p.c.

Press, Volume CIV, Issue 30820, 4 August 1965, Page 21

T. And J. Profit Increases 60 p.c.

(New Zealand Press Association)

WELLINGTON, August 2.

The accounts of Turnbull and Jones, Ltd., electrical engineers and merchant, Wellington, for the year to March 31 confirm that the consoldated net profit was £80,123, against £50,186 the previous year— an increase of 60 per cent.

The profit represents an earning rate of 9 per cent (6.6 per cent the previous year) on shareholders’ funds. The result is reached after provision of £32,970 (£28,297) for depreciation and £75,837 (£52,933) for tax. In 1964 there were nonrecurring expenses of £7470, but there is no item under this heading for the latest year.

A dividend of 5) per cent on preference capital of £lOO,OOO takes £5500 (£5500). and the ordinary dividend of 8 per cent (9 per cent) takes £23,040 (£20,700). Capital Increase

During the year ordinary capital was increased from £230,000 to £290,000 by conversion of debentures and to £348,000 by a one-for-five bonus issue.

The 8 per cent dividend is payable on the bonus issue of £58,000 and is equivalent to 10 per cent on last year’s ordinary capital. It is not payable on the capital issued in conversion of debentures.

The profit covers the ordinary dividend for the latest year 3.5 times. After allowance for saving of interest on converted debentures, it represents an earning rate of 23 per cent on ordinary capital as it now stands at £348,000. Reserves are £441,894 (£216,230), making shareholders’ funds £889,894 (£756,230). There are also in issue de-

bentures of £343,207 (£422,808). Current assets are £1,343,341 (£1,322,723), and current liabilities £564,421 (£513,978). Fixed assets are £454,181 (£377,393). Current assets include stock £994,322 (£992,338), and debtors £349,019 (£330,385), while current liabilities include bank overdraft of £168,659 (£193,195). Creditors are £291,385 (£241.650). Net asset backing of the ordinary 5s shares is Ils 4d (14s 3d).

Indices Latest share price Indices are: London.—Financial Times (Industrial ordinary 1935, equals 100; Government, 1926, equals 100: gold. 1955. equals 100):

1964 Oct. 1 .. 377.8* 82.15 56.4 Dec. 31 .. 355.0 79.00 68.8 1965 July 28 .. 315.2 77.04 72.3 July 29 .. 313.8 77 09 71.9 Aug. 2 .. 316.5 76.90 72.4 New York.—Dow ones: 1964 Rails. Indust. -> Sold Dec. 31 205.34 874.15 6,470.000 1965 May 14 209.50 939.62* 5.860.000 July 29 204.66 874.23 4.690,000 July 30 207.73 881.74 5,200,000 Aug. 2 208.49 881.85 4,220,000 Sydney.—Sydney Stock Exchange July, 1931 June. 1939. equals 100):— Retail. Ord. Indust. 1964 Feb. 27 .. 472.60 379.21* 395 24 Dee. 31 .. 424.76 367.03 398.11 1965 July 29 .. 366.12 319.02 348.09 July 30 . 365.35 318.27 347.02 Aug. 2 . Bank Holiday. Aug. 3 .. 362.90 318.18 347.45 •Peak