REX CONSOL EXPORTS

Press, Volume CVII, Issue 31412, 4 July 1967, Page 20

REX CONSOL EXPORTS

Sharp Rise In Latest Year

In the year to March 31, export sales of Rex Consolidated Ltd., Auckland hardware and garment manufacturer, increased by 102 per cent, and in one commodity alone 21 per cent of the total output is exported, the managing director (Mr F. Bruell) says in the annual report. In common with other companies, Rex Consolidated faced a more difficult trading period. Import licence cuts, and production and marketing problems presented a major challenge.

However, the company's financial position gives it strength to meet the problems ahead, Mr Bruell says. As announced, consolidated net profit rose by £9549, or 14.6 per cent, to £75,098. Provisions

This was after depreciation increased by £7907 to £35,315, and tax higher by £B9OO to £71,165.

The steady 11 per cent dividend requires £25,260, an increase of £3827.

Earning rate on average funds falls from 20.4 per cent to 17.6 per cent, while that on capital is down from 33.6 per cent to 32.7 per cent. The balance sheet shows shareholders’ funds up by £163,292 to £507,577, including capital, all ordinary, up by £63,790 to £258,640.

DIVIDEND Schofield and Co., Ltd.. Auck* land.—Final 12i p.c., payable August 10, ex July 27. Total 25 p.c. (Steady.).