N.A.F. Again Raises Dividend—To 10%

Press, Volume CX, Issue 32361, 29 July 1970, Page 20

N.A.F. Again Raises Dividend—To 10%

(N.Z. Press Association; AUCKLAND, July 28. North Auckland Farmers’ Co-operative, Ltd, Whangarel, has raised its dividend for the third consecutive year—from 9 to 10 per cent —after a jump in profit by $55410, or 32.9 per cent, to a record $223,228 In the year to June 30. The result—produced within a month after the balance date—is subject to audit, the chairman (Mr G. H. Master) says in the preliminary announcement AU main activities—merchandise trading, livestock and motor vehicles—and all subsidiaries produced record figures. The result was struck after providing $5435 more for depreciation at $56,466, and $57,209 more for tax at $223,131. The dividend took $64,537 in addition to $8798 preference charge. The latest result represents an earning rate of 15.4 per cent on average ordinary shareholders’ funds and 33.2 per cent on average ordinary capital, against 13.9 per cent and 31.6 per cent last year. Shareholders’ funds rose $383,094 to $1,729,957, including capital raised by $213,000 to $863,000 (of which $146,630 was preference). During the year, the 1:3 rights issue increased capital by $207,000, and 6000 100 c shares were issued at a premium of 60c in the pur-

chase of the minority interest in Northland By-products, Ltd, which thus became a wholly-owned subsidiary.