Berry Benefits By Tourist Trade

Press, Volume CX, Issue 32362, 30 July 1970, Page 20

Berry Benefits By Tourist Trade

(New Zealand Press Association) WELLINGTON, July 29. The highlight of the year’s activities by Henry Berry, Ltd, Wellington merchant, catering industry supplier and food processor, was growth of sales and trading profits to new records, the chairman of directors (Mr B. R. Law) says in the annual report

I The profit was struck after • allowing $13,020 more for de1 preciation at $54,994. and $123,774 for taxes, an in1 crease of $46,274. 1 The steady 10 per cent or- ' dinary dividend takes $68,503, , and is covered 1.7 times. The dividend was paid on > capital increased by a one for six bonus issue and a cash I issue. • Earning rate on average or , dinary capital is -19.78 per • cent compared with 19.23 per cent last year, and on ordint ary shareholders funds 8.29 1 per cent, compared with 7.30 1 per cent, total shareholders’ 1 funds increased by $169,968 to $1,689,779.

Sales increased by $61,898 or 11.4 per cent, and profit by $75,754, or 42.7 per cent, to $126316. Generally bouyant economic conditiohs throughout the year were stimulated by growth in the tourist trade, and an increasing tendency by the population to dine out Only nine months’ trading by the recently acquired subsidiary, Wyona Canneries, Ltd, are included in the accounts, he says. The directors are confident that this company will be an important contributor to group profits in the years ahead. •