MOTOR TRADERS’ RECORD PROFIT

Press, Volume CVII, Issue 31539, 29 November 1967, Page 20

MOTOR TRADERS’ RECORD PROFIT

While short-term uncertainties and limitations must affect the trading level and

profitability of Motor Traders (N.Z.), Ltd, Auckland, directors say they have confidence in the ultimate prosperity of business in general and the company in particular. The chairman (Mr C. A. Staples), who has succeeded Mr W. K. Michael since the last annual meeting, said all departments played their part in achieving a turn-over peak

in the year to July 31. The accounts showed net profit $11,302, or 5 per cent—higher at a record $239,410. The demand for exchange units of the engineering division, particularly engines, continued to grow and output had increased accordingly.

The level of jobbing and repair work at the Auckland,

Tauranga and Napier workshops had remained consistently high.

The results of Better Brakes were somewhat subdued by building additions and the relocation of the city station, but this division was trading profitably. The profit was after providing $12,010 more for depreciation at $44,780 and $3403 more for tax at $238,051. The steady 121 per cent dividend took $96,552, in addi-

tion to the $6OOO preference charge. The earning rate on average ordinary funds eased by 11.8 to 10.9 per cent, and that on ordinary capital improved from 28.8 to 30.2 per cent. Shareholders’ funds increased $83,851 to $2,275,785,

including capital of $872,420 ($lOO,OOO preference).