SALES WERE RECORD

Press, Volume CVI, Issue 31167, 17 September 1966, Page 18

SALES WERE RECORD

Morr.-P.I.M. Lifts Profits (N.Z. Press Association) AUCKLAND, Sept. 16. Morrison-P.I.M. (Holdings), Auckland printing ink manufacturer and distributor of machinery, returned record sales in the year to March 31, and has maintained this trend in the first four months of the current year. The audited accounts show a consolidate net profit of £59,456, a rise of £10,784, or 22.2 per cent. This excludes £521 in minority interests, which last year incurred a loss of £484.

The profit represented an earning rate of 18.8 per cent, against 17.6 per cent last year, on shareholders’ funds £39,968 higher at £316,004.

The latest rise followed a jump of 50.3 per cent last year.

Gross trading profit was £142,796 (£118,254 last year). Depreciation absorbed £3731 more at £17,816 and tax provision was £10,426 higher at £58,171.

S. Otago Net Profit Slips (N..Z. Press Association) WELLINGTON, Sept. 16. Net profit of South Otago Freezing, Balclutha, slipped 27 per cent more to £62,629 in the latest year, the New Zealand Stock Exchange Association has been told. Last year profit fell £86,510 from £92,039 the year before because of higher depreciation and increased interest on mortgage. Latest result is after £62,766 more for depreciation at £138,451 and £11,900 less for tax at £64,000. Recommended dividend, unchanged at 7j per cent, is covered 1.85 times; ex dividend October 14. A. Wright Net Profit Lifted (N.Z. Press Association) WELLINGTON, Sept. 16. Consolidated net profit of Arnold and Wright, Welling-ton-based radio and electrical merchant, was 11.8 per cent higher at £17,984 in the year to April 30, the New Zealand Stock Exchange has been told. This result has still to be audited. Recommended ordinary dividend is a steady 12 J per cent; the ex dividend date will be announced later. N.Z. Reserves Ease Again Net overseas assets of the New Zealand banking system were £56.9m on September 7, compared with £58.6m on August 31 and £65.3m on September 8 last year. These figures were announced by the Reserve Bank today. Western Mines (N.Z. Press Assn.—Copyright) SYDNEY, Sept. 16. Western Mining Corporation earned a group net profit of 693,000 dollars in the 15 months to June, compared with 639,038 dollars in the previous 12 months. W.M.C. paid two dividends, each of 5c a share, during the 15 months. Kaniere Gold (From Our Own Reporter) GREYMOUTH. Sept. 16. Operating for 243 hours at I the Taramakau settlement, the dredge Kaniere recovered 3060 z of bullion from 180,000 yards of spoil during the halfmonth to September 15.