Newton King Has Record Earnings

Press, Volume CIV, Issue 30880, 13 October 1965, Page 23

Newton King Has Record Earnings

(New Zealand Press Association' NEW PLYMOUTH. October 12. A record net profit of £168,549, an increase of £48,386. or 40.3 per cent, compared with last year’s £120,163, is shown in the annual report of Newton King and subsidiaries. Group trading profit for the year ended June 30 was £462,492. the highest ever recorded.

This was an increase of £103.544, representing a 28 per cent improvement on the 1963-64 figure, which was 34 per cent higher than in 196263. Dividends at the rate of 6 per cent preference and 7 per cent ordinary absorb £74.646. leaving £93.903 to be carried forward. Profit was struck after providing £167.225 for tax and £68.869 for depreciation. The company's paid up ordinary capital amounts to £983,474, compared with £783.474 last year. Current assets are £3.224,620; (£2.936,710 last year) with current liabilities of £1,864.176 (£1,689375). working capital of £1.360.446 and investments and net fixed assets of £776,404. Total net assets are £2.136.850. compared with £1.840.146 last year The chairman (Mr I. S. McLeod) says the recent trend towards more buoyant and profitable trading continued.

"Notwithstanding reduced revenue because of lower wool prices during the last season, the group was fortunate in experiencing favourable trading conditions leading to improved results in other departments,” he says.