S. AND B. PROFIT LIFT

Press, Volume CVI, Issue 31117, 21 July 1966, Page 19

S. AND B. PROFIT LIFT

Increase Of Almost 26 p.c. CN.Z. Press Association) AUCKLAND, July 20. After record sales, Smith and Brown holdings, Auckland furniture manufacturing and retailing group, raised its consolidated net profit by £34,700, or 25.9 per cent, to a peak of £168,933 in spite of another large addition to the provision for unearned hirepurchase profits in the year to May 31. The profit jump follows a rise of 19.5 per cent the previous year. Gross income increased £181,292, or 14.9 per cent, while expenses including depreciation and a £lO,OOO provision for decimal currency conversion, rose £111,389 or 11.8 per cent to £1,055,028. Depreciation was £2060 higher at £37,703. Tax provision increased £35,203 to £176,410. Directors had provided more than allowed for tax purposes in respect of hire-purchase debts. The provision for unearned hire purchase profits was £87,367, compared with £72,903 last year. As announced, the dividend had been raised from 9 to 10 per cent, taking £57,686 in addition to the £12,000 preference charge. The earning rate on ordinary funds increased from 10.9 to 12.0 per cent and that on ordinary capital from 22.1 to 27.2 per cent.