Wilson Malt profit 180 p.c. higher

Press, Volume CXI, Issue 32676, 4 August 1971, Page 14

Wilson Malt profit 180 p.c. higher

< (New Zealand Press 1 Association) DUNEDIN, August 3. Improved prices for malt extract combined with a greater volume of sales resulted in the Wilson Malt Extract Compahy; Ltd, liftingmet profit $12,270 or 180 per cent to $19,129 in the year to February 28, the annual report states. • , ‘ . ..

A final dividend of 4 per eent is recommended making a total of 7 per cent for the year. : The “B” and “C ' ordinary shares which were issued subject to deferments of dividend, do not qualify for the dividend.

The issued and paid up capital was increased from $225,000 to $675,000 by the issue of 900,000 100 c “C” ordinary shares each paid to 50c. The remaining 50c has now been called up. The “C” share issue was required to finance the development of the whisky distillery. The chairman (Mr J. L. T. Braithwaite) states in his report that while sales of malt extract improved during the year rising prices had continued to affect net profits; “Some greater ,measure of stability of costs may well result from recent legislation, but I think we shall continue to feel pressure of profits for some time to come,” he said.

Braithwaite said that since the distillery was, commissioned in August, 1970,' the production level -had been increased beyond the minimum target of 200,000 gallons a year, and the directors were confident that the quality of the > maturing whisky ■ was satisfactory.

The provision for taxation was $9381" higher at $11,844.

Commenting on the company’s; whisky production, Mr