K.P.G. SALES SHOW RISE

Press, Volume CIV, Issue 30879, 12 October 1965, Page 24

K.P.G. SALES SHOW RISE

Earning Rate Improves Kaiapoi-Petone Group Textiles, Christchurch-based woollen, worsted, and knitwear manufacturer, improved group production and sales in the year to July 19, but demand for woollen goods was affected by higher prices and later winter weather, says the chairman (Mr J. D. Gardiner) in his annual report Profit rose by £12,321 or 15.4 per cent to £92,474, after providing £11,605 more at £97,681 for depreciation and £3930 more at £73,965, for taxation. As announced, dividend is a steady 8 per cent and takes £67,000 on unchanged ordinary capital of £837,500. Shareholders’ funds rise £117,072 to £2,091,208 anti earning rate on average funds improves to 4.6 per cent from 4.4 per cent last year. After transfer of a steady £lO,OOO to general reserve, now £260,000, carry-forward is £63,782 against £49,755 brought in. Capital Reserves Capital reserves are £93,045 higher at £929,926, largely because of the sale of surplus property at above book value. Revenue reserves are £323,782 (£299,755 last year). Current assets are £472,476 higher at £2,192,449. Higher stocks of materials and work in progress at manufacturing plants has increased stock on hand from £1,449,160 to £1,844,731. Debtors and prepayments less reserve are £347,718 (£270,813). Largely because of the rise in stocks, current liabilities are £430,225 higher at £1,202,568. Bank overdraft is £432,623 higher at £785,171 while creditors are £186,592 (£180,762). Investments are £14,145 higher at £33,134 while fixed assets rise £67,402 to £1,273,893. Term liabilities, represented by mortgages, are £5OOO higher at £126,000 while convertible notes are steady at £75,000.