MOTOR SPEC. PROFIT UP

Press, Volume CIV, Issue 30846, 3 September 1965, Page 19

MOTOR SPEC. PROFIT UP

Cash Issue Planned (N.Z. Press Association) AUCKLAND, Sept. 2. Motor Specialities, Auckland automotive parts manufacturers and distributors, has raised its dividend from 10 per cent to 11 per cent after a 40 per cent jump in profit and will make a premium issue soon. Consolidated net profit rose about £50,000 to exceed £170,000, subject to audit, in the year to June 30, directors announced in a preliminary statement today. This includes 11 months’ profit by Paykel Bros., Ltd., taken over last year. Earning Rate The result represents an earning rate of 22.2 per cent (last year 18.7 per cent) on ordinary capital, increased by £llO,BOO to £736,000 in the Paykel take-over. Dividend requires £80,960 in addition to the £5OOO preference charge. Final dividend of 6 per cent is payable on October 28, ex dividend October 15. To provide additional funds, the company will make a one-for-five issue at a premium of 5s a 5s share. Details will be announced later. Directors confidently expect that the 11 per cent dividend rate will be maintained. Fletcher Deb. Issue Plans (N.Z. Press Association) AUCKLAND, Sept. 2. Fletcher Holdings, Auckland, now raising £1,637,500 in a one-for-five share issue at a premium of 2s 6d a 10s share, will also seek up to £lm In debentures. A debenture issue of £700,000, with .rights to accept over-subscriptions to a total of £lm, will open on September 25. At the last balance date, April 30, a total of £4,637,000 was outstanding in debentures and £1,386,058 in mortgages.

Metals

(N.Z. Press Assn. —Copyright) LONDON, September 1. Latest London Metal Exchange prices for spot supplies are as follows: Buyers Sellers

a ton a ton £ s d £ s d Copper 460 0 0 462 0 0 Tin . . 1509 0 0 1510 0 0 Lead .. 100 15 * 101 0 0 Zine .. 101 Mt Mt U t