BURNETT YEAR

Press, Volume CVI, Issue 31153, 1 September 1966, Page 18

BURNETT YEAR

Funds Earn 11.6 p.c. Earning rate on shareholders’ funds of Burnett Holdings, Ashburton roading and transport contractor, fell from 13.4 per cent to 11.6 per cent in the year to March 31. This was in spite of the fact that shareholders’ funds rose from £655,469 to £694,222. Consolidated net profit is confirmed at £80,513 —8.2 per cent lower than the £87,678 earned last year. Profit is after £78,147 for tax, against £84,006 last year, and £4160 more for depreciation at £151,794. Provision was also made for a loss of £63,258 on the Manapouri power project £2559 less than the £65,817 provided last year. After writing off £93 preliminary expenses of a subsidiary company and providing £41,667 for the steady 8 1-3 per cent dividend, carryforward is £194,222 against £155,469 brought in. Gross revenue was a record £2,168,114, but costs rose substantially. Fixed assets increased from £507,123 to £599,684 and current assets from £506,769 to £558,333. Current liabilities are up £111,348 to £563,058. Boral Man On Ansett Board (N.Z. Press Assn. —Copyright) SYDNEY, Apg. 31. The general manager and a director of Boral, Mr E. R. Griffin, has joined the board of Ansett Transport Industries. Boral owns about 18 per cent of Ansetts 47m issued shares.