EARNINGS RISE
Profit Lift By N.M.A. (N.Z. Press Association) DUNEDIN, Oct. 19. Directors of National Mortgage arid Agency Company of New Zealand have announced that in the year to June 30, group consolidated profit was £1,561,000, subject to audit. This compares with £1.469,000 the year before. Tax was £876,000 against £770,000 in 1965. After adjustments for minority shareholdirigs, and bringing in unrequired tax provisions, £728,000 is available for distribution against £725.000 last year. Interim dividend of 51 per cent, net free of income tax, was paid on April 1, and directors recommend a final dividend of 7 per cent gross, less income tax. Appropriation Although dividend appropriation this year absorbs £351,000, it is partly offset by transitional tax reliefs in the United Kingdom in 1965 when a total dividend of 11 per cent net, free of United Kingdom income tax was paid, and appropriation amounted to £309,000. Earnings have again increased during the year, but have been more than offset by a higher liability for New Zealand tax.
In New Zealand, new United Kingdom tax regulations could have the effect of increasing shareholders’ net dividend Income because of double tax arrangements.
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Bibliographic details
Press, Volume CVI, Issue 31195, 20 October 1966, Page 26
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191EARNINGS RISE Press, Volume CVI, Issue 31195, 20 October 1966, Page 26
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