“Marlin Profit In Line With Expectations”

Press, Volume CIX, Issue 32028, 1 July 1969, Page 19

“Marlin Profit In Line With Expectations”

The net profit of Marlin Carpets, Ltd, Christchurch, for the year to March 31 rose $20,539 —or 10.3 per cent—to $220,002, according to the annual accounts.

The profit was reached after providing $2071 more for depreciation at $68,275 and $4455 more for tax at $202,508.

The earning rate on the steady $660,000 capital rose from 30.2 to 33.3 per cent and the rate on average shareholders’ funds declined from 22.7 to 19.4 per cent The profit was reached after providing $68,275 for depreciation against $66404 last year and raising tax provision from $198,053 to $202,508. As already reported, divi-

dend has been raised from 15 to 17} per cent and takes $115400. After a transfer of $lOO,OOO to general reserve, carry-for-ward is $138,667. In a brief report with the accounts, the chairman (Mr W. H. Dutfield) says that sales within New Zealand and exports, increased and the resulting profit was in line with expectations. Shareholders’ funds increased from $1,061,475 to $1,205,039. The working capital im-

proved from $491,996 to $541,828 with current assets of $855,041 and current liabilities of $313413. Among current items, last year's bank credit balance of $67,197 has been replaced by an overdraft of $81,408. Stocks are $134,564 higher at $545,462. Fixed assets have been increased from $751468 to $802,263 and term liabilities are $20,722 lower at $173,500. Contracts for capital expenditure are estimated at $99,500 against $11,600 last year.