Mason, Struthers Has Record Sales

Press, Volume CVII, Issue 31498, 12 October 1967, Page 16

Mason, Struthers Has Record Sales

Sales by Mason, Struthers, and Company, Ltd, Christchurch hardware retailer and builders’ supplier, reached a record level in the year to June 30, says the chairman (Mr V. C. Mathews) in the annual report.

This confirms the policy of consolidating the company’s activities in the Christchurch area.

As announced, the profit was down $690, or 1.9 per cent, to $36,056 in th* latest year. Th* steady 6 per cent ordinary dividend again requires $26,400 and is cov-

ered 1.4 times by the profit. The earning rate on average shareholders’ funds is down from 4.9 to 4.6 per cent while the rate on capital is down from 8.4 to 8.2 per cent. The trading profit of all departments was satisfactory, says Mr Mathews, and in most cases showed improvement. Increased overheads, mainly wages, reduced the improved trading profit The move of the bulk store to Papanui was completed and the three-storey bulk store in Lichfield Street was sold at a satisfactory price during the year. Provisions The latest profit is after providing $B4O more for depreciation at $12,140 and $1402 more for tax at $34,00Q. Shareholders’ funds are $9656 higher at $789,650 and include steady capital, all ordinary, of $440,000. Fixed assets are $31,106 lower at $417,092, while investments are $9924 lower at $4942. Working Capital

Working capital is $50,686 higher at $367,616, to give a ratio of current assets to current liabilities of 2.9:1.

Current assets are $57,630 higher at $555,992 while current liabilities are $6944 higher at $188,376.