GRACE BROS. PROFIT
25 p.c. Rise To £19,832 (N.Z. Press Association) AUCKLAND, Aug, 5. Grace Bros., Auckland furniture retailers, increased consolidated net profit by £3975, or 25 per cent, to £19,832 in the year to May 31. Last year, there was a decline of £1135 because of higher expenses. Dividend has been maintained at 10 per cent. The result represents an earning rate of 15.5 per cent on capital against 17.1 per cent on average capital last year when not all capital ranked for full dividend. Waikato Furnishers Last year’s result did not include profits from Waikato Furnishers, which was acquired only two months before the end of the financial year. At that time the chairman (Mr W. R. Budge), warned that because of expansion of hire-purchase sales, the new Waikato branch was not expected to make a large contribution to group results in the 1964-65 year. The final dividend of 6 per cent is payable on August 25, shares becoming ex dividend on August 14.
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Press, Volume CIV, Issue 30822, 6 August 1965, Page 15
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166GRACE BROS. PROFIT Press, Volume CIV, Issue 30822, 6 August 1965, Page 15
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