Slight Profit Rise By Wormald

Press, Volume CVIII, Issue 31774, 3 September 1968, Page 18

Slight Profit Rise By Wormald

(New Zealand Press Association)

AUCKLAND, September 2.

Group profit of Wormaid Bros Industries (N.Z.), Ltd, Auckland, increased slightly by $6825 or 3.03 per cent, to $231,413 in the year to June 30.

In spite of difficult trading conditions turnover has been maintained although some sections have suffered reductions, says the chairman (Mr D. H. Steen).

A final dividend of 7 per cent has been recommended, making a steady 12 per cent for the year. The latest result is after providing for taxation at

$214,507 (down $20,683) and depreciation at $111,047 (up $3391). The ■ ordinary dividend requires $95,580 and the preference $29,437,

Ordinary capital was increased during the year by $9OOO through the issue of shares to acquire shares in a subsidiary. » Preference capita! was increased by $15,090 by the Issue of shares for cash. Forward Orders A satisfactory backlog of orders is carried forward in most sections, says Mr Steen, but those depending on the building industry are down and are not expected to show improvement for some months. Export orders have substantially increased and several avenues are currently being explored to expand this business.

Shareholders' funds have increased by $120,269 to $2,115,555.