Healing Sees Even Better Year

Press, Volume CX, Issue 32352, 18 July 1970, Page 19

Healing Sees Even Better Year

. (New Zealand Press Association) AUCKLAND. July 16. Healing Industries, Ltd. whiclT exceeded its, forecast profit level in its first year as a listed company, expects a further increase this year, the chairman (Mr R. B. Kay) says in the annual report.

As announced, the Auckland - based company, which manufactures bicycles

and supplies the electroplating and meta! finishing Indusi tries, earned $47,852 in the year to March 31. When the company floated to the publie last August, directors predicted a profit of $45,000. The profit was struck after providing $27,119 for depre ciation and $46,217 for tax Leased premises in Wellington were doubled in size l during the year, and the Christchurch bicycle factory I was enlarged. The cycle and cycle component factory moved from 1 pilot production to largescale output, but suffered from slow deliveries of itn-j ported supplies. Stock levels had been raised to achieve a smoother i production flow, and the in- 1 stallation of extra plant had produced greater efficiency. The dividend was 8 per cent, including a final 5 per cent A final payout of 4) per cent was forecast in the prospectus. The new shares i issued when the company i floated qualify only for the! final. The total payout was $27,500. The earning rate on average shareholders’ funds was 9.7 per cent and that on aver-| age capital is 13.9 per cent. , Shareholders’ funds totalled' $507,168, including capital of! $400,000.