HALLENSTELN BROS.

Press, Volume CVI, Issue 31154, 2 September 1966, Page 14

HALLENSTELN BROS.

Profit Rises By 20.5 Per Cent (N.Z. Press Association* DUNEDIN, Sept. 1. Hallenstein Bros., Dunedinbased men's and boyswear retailer, made steady progress in all stores during the latest year and earned net tax-paid profit of £72,581—an increase of 20.5 per cent, according to the chairman, Mr F. M. Halstead. It was considered desirable to write off £2OOO standing on the company’s books as goodwill. Because of the substantial special costs to be met with the change to decimal currency, the company was making a £3OOO provision in the profit and loss appropriation account to provide an initial amount towards the expense. In the accounts the company had £157,980 left after making provision for dividends paid in February. It recommended that a final dividend of 3 per cent on preference stock taking £3150 and a final dividend on ordinary stock of 7 J per cent taking £34,687 be paid. This, after taking £3OOO transferred to decimal conversion reserve and writing off the £2OOO goodwill left £115,143 to be carried forward to next year.