MALING’S PROFIT

Press, Volume CIV, Issue 30857, 16 September 1965, Page 20

MALING’S PROFIT

Sales Margins Lower

Lower margins on liquor sales reduced consolidated profit of Maling and Company. Christchurch wine and spirit merchant and cider manufacturer, by £1025 or 12J per cent to £7210 in the year to July 31. Profit was after allowing £142 less for depreciation at £1846 and £1145 less for taxation at £6171. As announced, the steady 15 per cent ordinary dividend and 5| per cent preference dividend will take an unchanged £4900.

Shareholders’ funds are £2311 higher at £123,025 and earning rate on average funds is 6 per cent against 6.9 per cent last year.

After transferring £5OOO to general reserve, now £30.000, carry-forward is £15,376 against £18,065 brought in. An increase in sales and profit by the subsidiary, Rochdale Cider Company, offset the lower profit by the fall in margins on liquor sales, says the chairman of directors (Mr C. W. Evans) in his report. The greater demand for cider, apparent for the last 18 months, should continue, he says.

Paid-up capital is steady at £45,000 but only 20,000 cumulative redeemable preference shares, each of 20s, are listed. Capital reserves are steady at £29,574.

Working capital continues to improve and is £3844 higher at £74,068.

Current assets are £3972 higher at £100,724 while current liabilities are £l2B higher at £26,656. Investments at £2505 and term liabilities in the form of a mortgage at £20,300. are unchanged.

Fixed assets are £1533 less at £66,752.