Record Profit By Holeproof

Press, Volume CX, Issue 32391, 2 September 1970, Page 22

Record Profit By Holeproof

(N.Z. Press Association) AUCKLAND, Sept. 1. Holeproof Industries, Ltd, , Auckland textile group, yearned a record profit in the latest accounting period although it covered only 11 months trading. Sales for the 11 months to June 30 were also at peak levels. The group net profit for 11 months was $748,630, compared with $742,183 in the previous 12 months, the directors say in a preliminary announcement. On an annual basis, this would equal $816,687—an increase of $74,504 or 10 per cent

The result was after tax of $563,100, compared with $580,663 for the previous 12 months, and depreciation of $660,731, compared with $583,462. Sales increased from $10,318,899 for the 12 months to July 31, 1969, to $11,315,372 for the 11 months to June 30. On an annual basis, sales increased 19.6 per cent to $12,344,042. The balance date has been made the same as that of the Dunlop group.

Concrete Inds. Profit A substantial increase in tax provision for the year to June 30 resulted in only a marginal increase in consolidated net profit for Concrete Industries (Monier), Ltd. After a 30.4 per cent Increase in pre-tax profits, net profit moved up by only 0.75 per cent from $3,212,530 to $3,236,892. The net result is after providing $1,140,200 for taxation against $144,365 the previous year. The directors say that although taxation has been increased substantially, it still incorporates benefits of re coupment of past tax losses tn relation to the North West Cape project. Group sales in the year under review rose by 24.6 per cent to a peak $52,171,200. The result is after charging $1,402,452 (previously $1,198,541) for depreciation. A final dividend of 5 per cent maintains the annual rate at 10 per cent.