I.C.I.N.Z. Profit Up 17.2p.c. To $1.69m

Press, Volume CIX, Issue 31902, 1 February 1969, Page 18

I.C.I.N.Z. Profit Up 17.2p.c. To $1.69m

Imperial Chemical Industries (N.Z.), Ltd, raised the group profit 17.2 per cent to $1,690,471 for the year to September 30, The directors ascribe the improvement to the company’s demanding programme of cost reduction and efficiency.

The group has increased its dividend to i shareholders to 9 per cent, which is covered ' 1.8 times and will take $937,241. The earning J rate on ordinary capital was 16.2 per cent.

The chairman (Mr A. G.i Robb) said in his annual reI port that the outstanding feature of the year was the I recovery in confidence after the gloom and hesitation of | the first quarter. I The economies resulting for the efficiency programme, together with a 2.2 per cent rise in external sales to $32.6m, had produced a profit which the directors considered very satisfactory. “Close attention has been given to the greater opportunities for profitable export business afforded by devaluation,” Mr Robb said. “The group has always exported some of its products and the volume and value of this business increased during the year. “New developments in the final stages of negotiation at the end of the year should lead to further expansion of this activity.” Subsidiary companies of I.C.LN.Z. include: Fibremakers (N.Z.), Ltd (wholly owned); B.A.L.M. Paints (N.Z.), Ltd (70.4 per cent); Colonial Ammunition Company, Ltd (70 per cent): Am- - munition House, Ltd (60 per cent): N.Z. Wallpaper Manufacturers, Ltd (51 per cent): and Avon Manufacturing Company, Ltd (571 per cent). The consolidated accounts show shareholders’ funds up $753,248 at $12,599,430. Capi- ! tai and reserves of minority shareholders in subsidiary

I companies account for $75,694 more at $1,701,494. : Debentures and loans, ; $2,451,671, are down $102,000, I while current liabilities, in- ; eluding a bank overdraft of $871,860 dollars (down $431,608), totals $8,803,944, 1 which is $521,488 less than the previous year's total. ' Fixed assets are down :

slightly at $8,446,634, while the company’s interest in subsidiary companies remains unchanged at $10,374. Current assets, in which the principal items are stocks on hand, $9,732,160 (up $1,857,461) and debtors $3,988,334 (down $77,744), have increased by $1,518,620 to $13,882,773. Intangible assets, the excess of cost over the par value of shares in subsidiary companies, are down $262 at $3,216,758.