F.WAIMAK PROFIT

Press, Volume CVI, Issue 31195, 20 October 1966, Page 26

F.WAIMAK PROFIT

18.4 p.c. Slip To £11,014 Consolidated tax-paid profit of Farrier-Waimak, Christchurch shingle and reading contractor, fell by £2486, or 18.4 per cent, to £11,014 in the year to June SO. Latest result follows a decline of 11.2 per cent last year. It is after £8849 more for depreciation at £41,257, but £2619 less for tax at £10,366. Dividend, as reported before, is a steady 7 per cent, taking £7OOO. Preference dividend takes £2875. Total dividend requirement of £9875 is covered 1.1 times by profit. Earning Rate Earning rate on steady ordinary capital of £lOO,OOO is 8.1 per cen', and the rate on shareholders’ funds, £1139 higher at £189,482, falls from 7.2 per cent to 5.8 per cent. Sales fell because of highly' competitive trading conditions, particularly towards the end of the period, directors say in the report. Import Granted The company has been granted an import licence for a concrete block making plant. Production, in conjunction with an established Otago block making company, will start by the end of next year. Improvement in liquidity is shown by the balance-sheet. The excess of current and short-term liabilities over current assets has been reduced from £43,985 to £5449. The ratio is 0.96.