S.F.M. Profit Rises 21.8 Per Cent

Press, Volume CIX, Issue 32220, 12 February 1970, Page 16

S.F.M. Profit Rises 21.8 Per Cent

(New Zealand Press Association) . INVERCARGILL. February 11. The Southland Frozen Meat and Produce Export Company, Ltd, returned a net profit ! for the year to October lof $1,013,555, compared with $832,237 in 1967-68, the annual ’ accounts reveal. This is an increase of 21.8 per cent.

; The results for the last two financial years compare well with those from the previous two. Net profit in 1966-67 was $237,551 and the 1965-66 figure was $531,982. The directors recommend a final dividend of 6.9 per cent, plus a bonus of 2.5 per cent en the paid-up capital. Dividends, including the bonus and a 1.6 per cent Interim payment, amount to "$495,000, compared with : $374,985 in 1967-68. Of the balance of the net ; profit, $500,000 is transferred to general reserve, leaving $209,843 carried forward. The net profit was reached i after deduction of reduced ■ figures for depreciation and general charges. Depreciation

>,is stated at $554,327 compared ll with $638,137 in 1968 and i j general charges at $813,165 i| ($826,567). Of the authorised capital of slom, $4.5m is paid up; revl enue reserves total $2,150,000.