M. LUCERNE YEAR

Press, Volume CVI, Issue 31248, 21 December 1966, Page 25

M. LUCERNE YEAR

Slight Rise In

Profit

Marlborough Lucerne Meal Company, Ltd., Blenheim, improved its profit by £l5O, or 2.6 per cent ,to £6605 in the year to August 31. The steady 7 ner cent dividend again reqt ires £2940. The earning rate on average shareholders’ funds falls however, from 10.9 to 10.6 per cent, while the rate on capital is up from 14.0 to 14.3 per cent. Shareholders will be asked to approve raising nominal capital by £33,000 to £75,000 in 10s shares, but directors have no immediate plans for share issue.

The latest profit is after providing £2910 less for depreciation at £12,448 and £1027 less for tax at £2867, because of incentive tax relief. Shareholders’ funds are £3065 higher at £58,074. Capital, all ordinary, is steady at £42,000.

General Foods Ahead

General Foods Corporation (N.Z.), Ltd., Auckland icecream and foods group, produced “very satisfactory results” for the half-year to October 31, directors say in an interim report.

The results were in excess of budget estimates for the period. All divisions shared in the increased turn-over and profitability has been maintained throughout. They see no reason to doubt that the interim dividend, payable in February, will be at the minimum rate of 4 per cent, as previously forecast.