Chch Gas Profit Down 26.6%

Press, Volume CVII, Issue 31380, 27 May 1967, Page 18

Chch Gas Profit Down 26.6%

Higher manufacturing and distribution costs was the main reason for the profit of the Christchurch Gas, Coal and Coke Company, Ltd., falling £11,958, or 26.6 per cent, to £32,970 in the year to March 31.

As announced, the dividend has been reduced from 7 to 6 per cent and requires £3872 less at £24,473. This is covered 1.35 times by profit. The earning rate on average shareholders’ funds is down from 5.2 to 3.8 per cent, and

that on capital is down from 11 to 8.1 per cent The profit is after providing £1664 less for depreciation at £66,034 and £4509 less for tax at £32,290. Total revenue fell £3522 to £692242, and manufacturing and distribution costs rose £14,082 to £488,665. Shareholders’ funds are £8497 higher at £881,962 and include capital, steady at £407,880. M.A.R. 4.C. Div, 3J p.c. Manufacturers and Retailers Acceptance Company, Ltd., Auckland, has recommended a maiden 3} per cent dividend for the latest year to March 31—Its fifth year of operations. The dividend is payable on June 23, ex June 19, and will require £16,275.