Autocrat To Extend Product Range

Press, Volume CX, Issue 32321, 12 June 1970, Page 16

Autocrat To Extend Product Range

(New Zealand Press Association)

AUCKLAND, June 11.

The directors of Autocrat Radio, Ltd, Auckland, are further diversifying the company’s product range and deleting unprofitable items in a bid to improve turnover and profits in the current year, the chairman and managing director (Mr R. H. Walker) says in the annual report.

This, together with current internal reorganisation, should enable the company to increase its share of the home entertainment, appliance and car radio markets. With further expansion in mind, a new licence and technical assistance agreement has recently been concluded with Sanyo Electric Trading Co., of Japan.

As announced, the consolidated net profit rose $42,345 or 21.9 per cent, to $235,394 in the year ended February 28. This improvement was partly because of the internal reorganissation which was bringing closer co-operation between production and sales and the various divisions. It was also partly attributable to the contribution of earnings from Fisher and Blundell, Ltd, the Newmarket engineers and marine supply merchant taken over last year.

IMPROVED TREND The business machines division, which is responsible for marketing Sanyo electronic calculators, rtiade good progress during the year. The improved trend had continued into the current year and further gains should follow the introduction of a wider range.

On group trading, he said rapidly increasing overheads and wages were making it difficult to maintain a balance between costs and selling prices.

The latest profit was struck after providing $12,628 more for depreciation at $122,486 and $43,407 more for tax at $209,322.

The steady 20 per cent dividend took an unchanged $126,000. The earning rate on average shareholders’ funds rose from 13.6 per cent to 15.9 per cent and that on capital is up from 30.6 per cent to 37.4 per cent. Shareholders’ funds were $117,674 higher at $1,536,928, including steady capital of $630,000.

A.S.D. Ltd To Be Wound Up

The Christchurch shortterm money market operator, Australasian Secured Deposits, Ltd, will go into voluntary liquidation. The company passed a resolution on June 8 to the effect that it cannot continue in business, because of its liabilities, and accordingly is to be wound up. Notice of the resolution is given over the name of Betty H. Byrne, a director of the company.

A meeting of creditors will be held in the Chamber of Commerce hall on June 18.