Credit Services Lift

Press, Volume CIX, Issue 32016, 17 June 1969, Page 19

Credit Services Lift

(New Zealand Press Association) WELLINGTON, June 16. Credit Services Investments, Ltd, Wellington-based finance and insurance group, reported a 109 per cent increase in net profit for the year to March 31. The dividend will be raised from 10 per cent to 12 per cent.

In a preliminary announcement today, the chairman (Sir Peter Phipps) said that audited group profit, after tax, was $163,502, compared with $78,202 in the previous year. This year's result again represents a record for the company and is the sixth successive annual increase. The profit represents a return on shareholders’ funds of 24 per cent compared with 16 per cent last year. Sir Peter Phipps said that the provision for taxation has been reduced by $63,000 as a result of the taxation bene-

fits which the directors are advised are available under the increased export sales incentive scheme, and an equivalent amount has been retained in unappropriated profits. This year's tax provision is $29,000, compared with $30,822 provided in the March, 1968, year. The directors recommend I a final dividend of 9 per cent which, when added to the interim already paid, makes 12 per cent fdr the year, an increase of 2 per cent The profit covers the dividend 3,4 times. Last year’s cover was 2.3 times. The dividend will be payable on August 18 and the share register will close on August 4. The report says outstandings at balance date had risen to ssm (1968 s3ni). The net assets backing for each 50c share increased during the year by 23c to 55c.