Tolley Reports To Be Out Of The Red

Press, Volume CX, Issue 32361, 29 July 1970, Page 21

Tolley Reports To Be Out Of The Red

(New Zealand Press Association) WELLINGTON, July 28. The audited accounts of Tolley Industries, Ltd, Wellington, electrical engineering, manufacturing and merchandising group, show an operating profit for the year to March 31, compared with a loss for the previous year, the chairman (Mr F. L. Parkin) announced today.

, The operating profits was $28,458 before deduction of minority interests, compared with a loss of $215,236 for the same combined operations in 1968-69. Tolley Industries, Ltd, for ’ tnerly Canada and New Zea- ; land Associated Cable Company, Ltd, has taken over the ; manufacturing, distributing ; and marketing activities pre . viously carried on by Tolley > and Son, Ltd, while continu- . ing its cable manfacturing. Tolley Industries now en- . compasses most of the trading . work of the group, the other i companies being either pre ; perty owning or of minor trading significance.

s The intention to reorganise f was announced in October. I Mr Parkin said changes in > methods of valuing certain i assets and in providing for depreciation would be ex- . plained in the published ac- . counts. The net effect was that the < accumulated deficit in Tolley . Industries had decreased by ' $46,000 during the year. In addition to the year’s surplus in Tolley Industries, depreciation recoveries, gains on disposals, and revaluations I of assets in other companies amounted to just more than $79,500. These, with small surpluses in other companies, reduced

s the group accumulated deficit by about $122,000 (after ’ minority interests of $15,000) 1 to about $119,000, compared r with $241,000 at the begin- ■ ning of the year. t This was still subject to audit s Mr Parkin said that coni' stent and close scrutiny con- ? tinued to be given to all aspects of die group’s activi3 ties, to reduce costs and ini, crease profits. . s That, with the fact that subs stantial orders were in hand, s indicated that the improvei ment would continue.

McSkimming Expands McSkimming Industries, Ltd, has issued 50,000 100 c ordinary shares to McGill Concrete, Ltd, in consideration of a share exchange with that company.

MR J. A. JORDAN, staff manager of International Computers (New Zealand), Ltd, who was elected chairman of the education committee of the Operational Research Society of New Zealand'.