G. WESTON FOODS

Press, Volume CV, Issue 31031, 11 April 1966, Page 13

G. WESTON FOODS

Further Rise In Profit (N.Z. Press Assn —Copyright > SYDNEY April 6 Consolidated net profit of George Weston Foods, Ltd., bread, biscuit and cake makers and flour millers, rose by a further 266,100 dollars or 10.3 per cent to 2,847,100 dollars for the year ended December 31. This is after a profit gain of 5723,632 dollars in the previous [year. Final dividend is 31 per cent making 7 per cent for the year. George Weston Foods was formed in May, 1962 to acquire the Australian and New Zealand interests of the worldwide Weston organisation from Associated British Foods. Ltd., of London. First Dividend This is the company's first dividend and is the rate forecast by directors when the company, to qualify for Stock Exchange listing, placed one million of its 40m issued 50 cent shares at a premium of 35 cents last May. Announcing the latest result in a preliminary statement directors do not give the sales figure for the year. In 1964 sales rose from 46.8 m dollars to 65.6 m dollars. Latest profit is after tax of 2,475,600 dollars (up 269,500 dollars) depreciation 2,777,300 dollars (up 176,400 dollars) and minority interests 132,600 dollars (down 1400 dollars). It excludes a surplus on sale of assets 64,000 dollars, (1964. 8200 dollars). Directors say that the 1964 tax provision has been adjusted for an over-provision of 83,000 dollars.