Burnett’s Sales Gain, But Costs Higher
. In spite of al7 per cent increase in sales, to more than $4.7m, the net profit of Burnett Holdings, Ltd. Ashburton transport and engineering group, fell 13.5 per cent to $128,707 in the year to March 81, the printed accounts confirm.
As announced, the dividend is maintained at 8 per cent. It takes $84,800, covered X. 5 ; times. The result was after higher charges, including depreciation, but a lower provision for tax. The earnint rate an average shareholders' funds declined from 10.5 to B.;< per cent, and the rate or capital, $60,000 higher because of a purchase during the year, is down from 14.8 to 12.1 per cent The assets backing of the 50c shares is 64.4 c. Current liabilities Increased considerably, beciuse of higher trade creditors and a much higher bank iverdraft. These are partly offset by higher debtors and stocks. Working capital declined, as did the liquidity ratio, which is 1:1. Fixed term liabilities are shown at $387,200 (none last year).
Fixed assets vs slso up b* cause of a substantial increase in land and buildings. Investments also Increased.
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Press, Volume CIX, Issue 32126, 23 October 1969, Page 22
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187Burnett’s Sales Gain, But Costs Higher Press, Volume CIX, Issue 32126, 23 October 1969, Page 22
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