N.Z.U.C. PROFIT

Press, Volume CIV, Issue 30836, 23 August 1965, Page 17

N.Z.U.C. PROFIT

Rise To New Peak (N.Z. Press Association) AUCKLAND, Aug. 21. With interest income higher by 12.2 per cent in the year to March 31, group net profit of New Zealand United Corporation, Wellington financiers and investors, rose by £9536 to a peak £51,273. Excluding minority interests of £5898 (£5222 in 1964) the profit represented an improvement of 22.8 per cent. As announced previously, ordinary dividend has been lifted from 6 per cent to 8 per cent. Earning rate, on shareholders’ funds £87,704 higher at £530,407, was improved from 9.4 per cent to 9.7 per cent. Income from interest rose by £49,413 to £455,210, while dividend income fell from £16,309 to £14,168, reflecting the sale of a substantial portion of equity investments. Expenses rose from £337,238 to £359,344, ihcluding depreciation of £1605 (£962). Interest On Debs. Interest on debentures was £5520 higher at £10,428 as a result of a rise in debenture liabilities from £109,600 to £170,000. Tax provision was £42,435, against £33,001, the higher dividend required £26,133 (£19,600) and the preference charge was £4152. After crediting general reserve with £10,928 (£8175), carry-forward was increased from £14,879 to £27,045. Paid capital is shown in the group balance-sheet at £412,667, including £21,000 more in preference capital at £86,000.

Business Personal

Mr C. H. Griffin, a director of Whitcombe and Tombs, Ltd., since 1949, has resigned and Mr I. D. Reid, of Wellington, has been appointed to the vacancy. Mr M. G. B. Coultas, Australian Government trade commissioner for the South Island, will visit Dunedin this week.