Christchurch Gas Profit Up 10 p.c.
The net profit of Christchurch Gas, Coal and Coke Company, Ltd, rose s6o74*—or 10.4 per cent—to $64,576 in the year to March 31, the chairman (Mr A. M. Satterthwaite) said in the annual report.
Sales rose from $1,441,682 to $1,515,881. The profit was reached after providing $12,649 less for depreciation at $131,672 and $6064 more for tax at $62,688. Earning rate on the $815,760 capital increased from 7.1 to 7.9 per cent, and the rate on average shareholders’ funds improved from 3.3 to 3.6 per cent. Dividend has been held at 6 per cent and takes $48,946. Carry-forward is increased from $l3B 876 to $154,506. Shareholders’ funds are up from $1,773,480 to $1,789,110
and term liabilities are down from $517,221 to $487,032. Fixed assets are reduced from $2,291,232 to $2,260,637 with land in the books at $444,562 on a 1964 Government valuation.
Business Personal Mr J. M. Brown has been elected to fill the vacancy on the directorate of Westland Breweries, Ltd, from the retirement of Mr T. Coltman, of Wellington. Mr Brown is the Westport manager of the company and was manager of Morley and Company, Ltd, Westport, before Westland Breweries, Ltd, bought its brewing assets.
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Bibliographic details
Press, Volume CIX, Issue 31986, 13 May 1969, Page 24
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203Christchurch Gas Profit Up 10 p.c. Press, Volume CIX, Issue 31986, 13 May 1969, Page 24
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