Cyclone Liquidity Improves
Although the group profit of Cyclone Industries (N.Z.), Ltd, Christchurch, fell 4.9 per cent in the year to March 31, liquidity has improved, the annual accounts show.
Working capital is up $50,159 to $406,628 with current assets down $248,961 to $633,521 and current liabilities down $299,120 to $226,893. This gives a liquidity ratio of 2.3 to 1.
The group profit fell 53150 to $60,764 in the latest year and compares with $90,568 in 1966.
As announced, the ordinary dividend has been maintained at 8 per cent and again requires $40,800. This is covered 1.4 times after the preference charge of $4675.
The earning rate on average ordinary shareholders’ funds is down from 7.3 to 6.7 per cent while the rate on ordinary capital is down from 11.6 to 11.0 per cent. Shareholders’ funds are $33,825 higher at $939,962 with ordinary capital unchanged at $510,000 and preI ference capital steady at $85,000. Capital reserves are $18,184 higher at $93,082 arising from the profit on a sale of investment in an associate company, profits on devaluation from funds held in Ausi tralia, and from the sale of land. Term liabilities are $6900 lower at $347,350. Fixed Assets Fixed assets are $25,364 higher at $734,746 while investments are $2130 higher at $145,938. In current assets, debtors are down $56,681 to $191,567
while inventories are $196,242 lower at $428,240. Overdraft is down $282,806 to $109,122.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/CHP19680711.2.152.1
Bibliographic details
Press, Volume CVIII, Issue 31728, 11 July 1968, Page 20
Word Count
234Cyclone Liquidity Improves Press, Volume CVIII, Issue 31728, 11 July 1968, Page 20
Using This Item
Stuff Ltd is the copyright owner for the Press. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Acknowledgements
This newspaper was digitised in partnership with Christchurch City Libraries.