Lower Loss By Knightsbridge

Press, Volume CVII, Issue 31522, 9 November 1967, Page 18

Lower Loss By Knightsbridge

(New Zealand Press Association) AUCKLAND, November 8. Knightsbridge Carpets, Ltd (formerly McKendrick Consolidated Industries, Ltd), Auckland, had a group loss of $19,672 in the year to March 31, compared with a loss of $111,730 the previous year. However, the loss was offset by a $20,562 profit on the sale of land.

After the strong reduction in the loss there had been a further improvement in the first half of the present .financial year, the chairman (Mr J. N. C. Doig) reports. The carpet division and the associated carpet yarn spinning mill earned a reasonable profit with the installation of some new plant after the middle of the year. Carpet Lines Certain lines of carpet were discontinued and a great deal of effort and cost put in to improve quality and reduce waste. Contracts at high

prices for some raw materials had run out.

Trading losses incurred in the fine spinning mill offset the profits in the carpet activities, but toward the end of the financial year the rest of the plant previously ordered was installed. The loss was struck after providing $2947 less for depreciation at $114,687. Shareholders’ funds declined $1.8,108 to $793,630, a deficiency of $217,898 on the $1,011,626 capital ($300,000 preference), of the ordinary shares, 45 per cent was held by U.E.B. Industries Ltd.