F.-WAIMAK PROFIT

Press, Volume CIV, Issue 30895, 30 October 1965, Page 20

F.-WAIMAK PROFIT

112 p.c. Fall To A 6 per cent fall in sales—offset a little by an improvement in operating costs—led to a 11.2 per cent, or £1702, drop in profit to £13,500 in the year to June 30 by Far-rier-Waimak, Christchurch shingle and roading contractor. The latest result is after providing £1355 less at £32,408 for depreciation and £1165 less at £12,985 for taxation. Shareholders’ funds are £3624 higher at £188,342 and earning rate on average funds slips to 7.25 per cent from 8.4 per cent. As announced, ordinary dividend is steady at 7 per cent and with preference dividend, takes an unchanged £9875. Carry-forward is £37,197 against £33,572 brought in. Besides the unappropriated profits, the only other reserve is a capital one, unchanged at £1145. Capital Steady Capital is made up of £lOO,OOO in ordinary shares and £50,000 in preference shares. Accounts show current assets £31,010 higher at £134,295. Cash in hand and prepayment are £13,260 (£1752 last year), stock £28,438 (£13,681), work in progress and contract deposits £57,199 (£53,054) and sundry debtors £35,398 (£34,798). Current liabilities are £19,382 higher at £116,427 with bank overdraft £29,045 (£25,680) and sundry creditors £67,497 (£48,715). Fixed assets are £41,167 up at £228,837, with the purchase of a hot-mix plant and additions to the floatex equipment. Investments and premiums paid, at cost, are steady at £16,550. Long-term liabilities are £49,171 higher, with bills payable £61,853 (£7782).