UNIT SUBDIV. PROFIT RISE
Directors See More Growth Unit Subdivisions Ltd., Auckland land developer, increased its profit by 18.9 per cent, or £5987, to £37,469 in the year to October 1. The profit is after providing £lB5 more for depreciation at £845 and £6240 more for tax at £36,800. The dividend, raised from 8} to 10 per cent, requires £6416 more at £19,166. The earning rate on average shareholders’ funds is down from 17.1 to 16.6 per cent while the rate on average capital is down, from 21 to 19.5 per cent. In spite of another wet season, development resulted in a substantial increase in a variety of sections for sale, says the chairman (Mr R. D. Cox). Further Growth Directors look forward to a continuance of expansion and growth and a new era in which similar large scale projects may be undertaken. As announced, a debenture issue will be made in March. Shareholders’ funds are £67,303 higher at £259,965. Capital is £50,000 higher at £200.000 from the one-for-three par issue. Since the balance date, capital has been raised to £250,000 in the take-over of Marine Estates.
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Press, Volume CVI, Issue 31238, 9 December 1966, Page 21
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187UNIT SUBDIV. PROFIT RISE Press, Volume CVI, Issue 31238, 9 December 1966, Page 21
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