SKELLERUP PROFIT UP

Press, Volume CIV, Issue 30901, 6 November 1965, Page 20

SKELLERUP PROFIT UP

11 p.c. Rise To Peak £276,456 In spite of a loss of £48,672 by a subsidiary, Dominion Salt, consolidated profit of Skellerup Industries, Christchurch, manufacturer of rubber goods and solar salt, lifted by 10.9 per cent or £27,327 to a record £276,456 in the year to March 31. However, in its year to June 30, 1965, the subsidiary earned a profit and this will be included in the current year’s consolidated profit Latest group profit was after providing £30,144 more at £139,954 for depreciation and £29,556 more at £322,144 for taxation. Shareholders’ funds are £213,134 higher at £2,353,675 and earning rate on average funds improves fractionally, from 12.2 per cent to 12.3 per cent As announced, ordinary dividend has been maintained at 10 per cent on ordinary capital increased to £531,583 from £354,389 by a one-for-two bonus issue earlier in the year. After a transfer to capicapital reserve of £2806, carryforward is £l;151,070 against £986,833. Dividend Payment

Dividend payment on ordinary shares is £53,158 (£35,439) while on preference shares is a steady £lO,OOO. Provision for preference dividend on minority interest holding is unchanged at £6OOO. Capital reserves are £451,022 (£466,933) while revenue reserves, including profit and loss appropriation account are £1,171,070 (£1,119,229).

Accounts show current assets £724,096 higher at £2,005,085 with cash at £28,010 (£40,457), sundry debtors £531,184 (£479,885) and stocks £1,446,891 (£1,280,989). Current liabilities are £305,616 higher at £1,276,254. Sundry creditors are £379,565 (£348,308), bank overdraft £526,505 (£216,497) and balance of the purchase price of property nil (£76,000).

Fixed assets are £223,726 up at £1,618,215 (£1,394,489) while investments are £15,947 higher at £19,493. Intangible assets are steady at £211,354 while term liabilities are £48,305 up at £229,474.

C.S.I. Interim Profit Tax paid profit of Credit Services Investments, for the half-year to September 30 was £10,538. “This is in line with forecasts, but does not yet reflect the earning anticipated from outstandings which, between March 31 and September 30 this year, increased by more than £lOO,OOO to a record total in excess of £700,000,” said the chairman (Sir Peter Phipps).

A steady interim dividend of 3 'per cent has been declared.

The registration of a new prospectus, dated August 30, 1965, for an issuef of £lOO,OOO of debentures and £lOO,OOO of deposits was also announced.

M.K.M. Lift Div. And Profit

(N.Z. Press Association) WELLINGTON, Nov. 5. Manawatu Knitting Mills has lifted net profit by 34 per cent to about £17,600 and will pay a total dividend for the year of 9 per cent against 8 per cent in 1964, says a preliminary report. Sales were up 16 per cent. A final dividend of 5 per cent recommended is ex.dividend December 1, payable December 16. Con. Plastics Interim Div. (N.Z. Press Association) AUCKLAND, Nov. 5. Consolidated Plastic Industris (N.Z.) Ltd., Auckland, has raised the interim dividend from 5 to 6 per cent, but directors warn that this does not necessarily mean an increase in the rate for the full year. The increase is made to achieve a more even distribution. Total last year lifted from 12J to 14 per cent. The interim dividend is payable on December 3, ex November 22.