Ballins' Profit Lifted To Peak

Press, Volume CIV, Issue 30940, 22 December 1965, Page 17

Ballins' Profit Lifted To Peak

Record tax-paid net profit of £155,775 was earned by Ballins Industries, Christchurch wine and spirit merchants and hotel owners, in the year to September 30. This was a rise of 24 per cent on last year’s £125,599.

Result to after depreciation £17,488 higher at £60,431 and tex up £18,016 at £117,867. It is also after providing £6242 for minority interest in profits of subsidiaries competed with £4794. Ordinary dividend, as announced eartier, is 10 per cent for the year, confirming the directors* forecast made last year.

This compares with the 9 per cent ordinary dividend paid last year. Dividend requirement is £117,447 aginst £66,824 because of the £327,278 increase in capital during the year. Carry-forward is £187,128 against £178,351 brougtU in. Capital was lifted by the issue of £189,778 in shares to Ballins Hotels shareholders, £125,000 to New Zealand Breweries and £12.500 to Quill Morris. During the year the company acquired the balance of the share capital in Ballins Hotels, all the share capital in Quilt Morris Cowies, and more shares in New Zealand Breweries and shares in Quill Morris. Group shareholders’ funds rose from £1,633,364 to £2,080,338. Earning rate is 7.5 per cent aginst 7.7 per cent. A transfer of £30,000 has been made to ai revenue reserve taking this to £187,500. No transfer was made last year. Further changes have been made in capital reserves. These reserves are now £450,322 against £369,395. The non distributable fund has financed the issue of £20,000 registered unsecured notes to I the staff benefit fund and the premium on share reserve has been lifted from £10,262 to £111,189 by the issue of shares at a premium to New

Zealand Breweries and Quill Moms. Revenue reserves an £374,268 compared with £335,859. Current assets are £615,170 against £51&422, while fixed assets are £2,052,035 compared with £1,367,496. Shares in associated companies felt from £190,158 to £144,959 mainly because of the transfer of Ballins Hotels shares from the category of an associated company to a subsidiary company. Shares in New Zealand Breweries are at £568,850 compared with £359,172, while holdings of 8 per cent debentures in McWilliams Wines (N.Z.) fell £6OOO to £42,000. The holding of £60,000 in Ballins Hotels 7 per cent convertible notes has been eliminated by consolidation. Trading results for the period were not materially affected by any items of an abnormal nature, the chairman (Mr N. W. Millner) says in his report.