MARAC GAIN IN LEASING
Now 32 p.c. Of Receivables
The Manufacturers and Retailers Acceptance Company, Ltd, Auckland, has continued to follow a policy of diversification, says the chairman (Mr J. C. Fletcher) in his annual report. In the latest year to March 31, leasing assets rose $472,963 to 51.086,309 and represented 31.7 per cent of outstandings
against 19.2 per cent in the previous year. Receivables Up Receivables rose $227,559, or 7.1 per cent, to $3,427,149 The maximum level of borrowed funds available to the company continues to be limited by the Capital Issues Regulations, says Mr Fletcher.
As announced, the group profit rose $20,404, or 44.7 per cent, to $66,458 and covered the dividend requirement of $46,000 1.4 times. Dividend Raised
In the latest year, the dividend was raised from 3j to 5 per cent. Shareholders' funds are $19,958 higher at $1,009,868. As a result of the take-over of Pacific Factors, capital is increased to $1,255,000, and the total assets will rise to about s9m.
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Bibliographic details
Press, Volume CVIII, Issue 31702, 11 June 1968, Page 20
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165MARAC GAIN IN LEASING Press, Volume CVIII, Issue 31702, 11 June 1968, Page 20
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