ASS. GROUP PROFIT UP

Press, Volume CV, Issue 31018, 25 March 1966, Page 16

ASS. GROUP PROFIT UP

28 p.c. Rise To £20,075 (N.Z. Press Association) AUCKLAND, Mar. 24. Associated Group Securities, Auckland financiers, increased consolidated net profit by £4367 or 27.8 per cent, to £20,075 to the year to January 31, the chairman (Mr H. Wright) announced to a preliminary report today. Outstandings, including equipment on lease, rose £57,280, or 8.7 per cent, to £718,105. Dividend has been maintained at 8 per cent, taking £3200 more at £15,400 on capital increased by £70,000 to £210,000. Earning Rate Result represents an earning rate of 9.8 per cent on average shareholders’ funds and 10.4 per cent on capital, compared with 10.9 per cent and 11.2 per cent respectively last year. Profit was struck after providing £10,253 more for interest at £33,858, £3848 more for depreciation at £4059, and £3359 more for tax at £17,717. Audited balance-sheet figures show’ Shareholders’ funds £74,184 higher at £240,703. Borrowings rose £54,000 to £614,002, of which £191,737 (last year £223,182) matures within one year. In addition, overdraft is £18,413 higher at £30,917. The outstandings of £718,105 are after reducing unearned profits from £44,278 to £31,784 and include a new item, equipment on lease, of £133,110. Business Personal Mt R. T. Doig, general manager of Suckling Brothers, Christchurch footwear manufacturers, has been appointed a director.