Mosgiel Achieves New Records

Press, Volume CVI, Issue 31209, 5 November 1966, Page 20

Mosgiel Achieves New Records

(New Zealand Press Association) DUNEDIN, November 4. After a 10 per cent increase in sales to more than £l.sm Mosgiel Woollens of Dunedin, has achieved a record turn-over for the ninth year in succession.

The chairman (Mr R. Forsyth Barr) said in his report for the year to October 6 that although competition had been keen the company received its fair share of the market, and orders on hand at present were greater than those at this time last year. As announced, the company made a record tax-paid profit of £74,354, which was 15.7 per cent up on last year’s £64,275. The directors are recommending a 6 per cent final dividend making an unchanged 10 per cent for the year. Profit subject to tax was £131,054 against £117,775 last year, and provision for taxation has been set at £56,700 (£53,500). From the tax paid return of £74,354 the 10 per cent

divident requires £36,400, and the balance —£37,954 has been retained to lift the total of unappropriated profits to £114,728. By writing up property values to Government valuation the property revaluation reserve has been increased by £63,815 to £131,197. With the profits retained for the year, total shareholders’ funds are up from £852,115 to £949,675, and the earning rate has increased from 7.5 per cent to 7.8 per cent.