Record year for Ford N.Z.

Press, Volume CXI, Issue 32666, 23 July 1971, Page 10

Record year for Ford N.Z.

(New Zealand Press Association)

WELLINGTON, July 22.

The Ford Motor Company of New Zealand, Ltd, had a record income in the year to December 31 the directors say in a report filed with the first published annual accounts.

The profit before tax was $8,796,608, which included an operating profit of $8,575,803, the remainder was from interest received. After providing $4,537,244 for income tax, the net profit was

No dividend was paid during 1970, and with retained earnings of $411,260 brought forward from previous years, the total retained earnings carried forward to 1971 was $4,670,624. Shareholder’s funds stood at $13,642,953, including capital of $5,300,000. The earning rate on shareholder’s funds was just over 31 per cent. The company’s current liabilities were $12,482,910, fixed assets stood at $7,484,846, and current assets at $18,395,087.

A note with the accounts says that approved projects for capital expenditure amounted to $5,084,917, and contract commitments amounted to $355,808. The directors say that the expansion begun last year in-

eludes a ssm manufacturing facility at Auckland from which initial annual exports were expected to be worth ssm.

The Ford Motor Company of Canada holds 2,649,998 of the 2,650,000 200 c shares in the company.

Equitable net 6.5 p.c. up (N.Z. Press Association)

WELLINGTON, July 22. The net profit of the Equitable Building and Investment Company of Wellington, Ltd, increased $1486, or 6.5 per cent to $24,235 in the year to March 31. The dividend rate was an unchanged 10 per cent for the year, requiring $20,722. It was covered 1.2 times by the profit. The earning rate on capital was 11.7 per cent, compared with 11.9 per cent in the previous year.