High Sales Offset M. And C. Costs

Press, Volume CIX, Issue 32127, 24 October 1969, Page 14

High Sales Offset M. And C. Costs

(N.Z. Press Association) AUCKLAND, October 23.

Group retail sales of Milne and Choyce, Ltd. Auckland retailer, were up by 6.9 per cent, or 5439.000 to $8,739,206 in the last year to July 30, the annual accounts show.

The directors say in their report that the consequent increase in gross income was more than sufficient to compensate for a modest increase lin overhead expenses. As the ; result of this the parent com-i [pany earned a record net pro-, (fit, they say. This was, however, offset ;to some extent by a reduction 'in the profit earned by the Maida Vale Clothing ComIpany, Ltd, and a loss in the (operation of the Paulis subsidiary. The loss by Paulis I was of a much smaller maginitude than the 1968 loss, (they add. The accounts confirm the 62.1 per cent recovery shown in preliminary figures and reveal that the earning rate on shareholders funds, §62,926 higher at §2.740,059, has climbed from the 1968 rate of 4.3 per cent to 6.8 per cent

The latest net profit of §186,421 compares with the 1968 net profit of SI 14,980 and is after taxation, sharply

increased from $90,833 to '§187,572. j Depreciation is fairly I steady at §122,860. The increased 7 per cent dividend, already announced, is. shown to absorb $126,000 compared with the §96,000 required to meet the 1968 payout of 5 1-3 per cent.