STAND FROZ. MEAT
Earning Rate Improves
The Southland Frozen Meat and Produce Export Company, Ltd., Invercargill, improved its earning rate on average shareholders’ funds from 7.1 to 8.9 per cent in the year to October 1, on an annual basis. As announced, the profit in the latest year was £265,991 against £190,561 for the previous 11 months. On an annual basis, this is an increase of about £58,106. or 28 per cent The annual dividend of 8$ per cent again requires £187,500 and is covered one and a half times. Capital Rate The earning rate on capital, on an annual basis, improves from 9.2 to 11.8 per cent The latest profit' is after providing £5564 more for depreciation at £301,588 than in the previous 11 months. A note to the accounts says that the £600,000 term loan arranged with the Bank of New Zealand in 1965 to spread the cost of complying with the new Hygiene Regulations, was increased to £1 million in the latest year. Repayments This is repayable by 10 equal annual instalments. Shareholders* funds are £78,491 higher at £3,010.735. Capital is steady at £2,250,000, made up of £2,223,840 in ordinary capital and £26,160 in participating preference snares.
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Bibliographic details
Press, Volume CVI, Issue 31307, 1 March 1967, Page 10
Word Count
200STAND FROZ. MEAT Press, Volume CVI, Issue 31307, 1 March 1967, Page 10
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