Profit rise shows "resilience”

Press, Volume CXI, Issue 32678, 6 August 1971, Page 4

Profit rise shows "resilience”

Zealand Press Association)

WELLINGTON, August 5.

The 16.6 per cent rise in pre-tax profit by Jas. J. Niven and Company, Ltd, in the year to March 31, in spite of the payroll tax and additional interest payments on moneys to survive intense liquidity problems, shows the resilience of the company, the chairman (Mr A. M. Jolly) said in the annual report.

Mr Jolly said that the board has before it a development programme. “With the problems of liquidity, the market for capital goods is not as buoyant as we would like. > "However, the continued development of industries in all fields of food processing must go on and we intend playing our full part,’’ Mr Jolly says. Now that the basic decisions have been made concerning Britain’s entry into the E.E.C., this country has been given a unique opportunity to see the future needs and six years to plan for them, he says. As previously announced, net profit for the year was $36,648 or 12 per cent higher at $340,367.

The provision for taxation was $64,650 higher at $372,050, and the provision for depreciation was $3955 higher at $119,270. A total of $406,386 was brought forward from the 1970 accounts, and the directors have transferred $120,000 t( the general reserve. The 11 per cent dividend takes $171,600, and $455,628 will be carried forward to the 1972 accounts. Shareholders’ funds increased $176,847 to $3,659,594 including unchanged ordinary shares capital of $1,560,000. Working capita! increased $512,370 to $2,322,641, but the current ratio was virtuallv steady at 2 to 1. The earnings rate on shareholders’ funds rose from 8.7 per cent to 9.3 per cent, and on ordinary capital from 19.4 per cent to 21.7 per cent. Net earnings a 100 c share were 21.8 c compared with 19.4 c and net asset backing a share was $2.35 compared with $2.23.

Metals

Rights market

(N.Z.P.A.-Reuter) LONDON, Aug. 4. Sellers Buyers a ton a ton € £ Copper .. 455.50 456.00 Tin .. 1432.00 1433.00 Lead .. 108.75 109.25 Zinc .. 134.00 134.25

Buy Sell Sale Con. Silver 2 4 3 Taupo 9 10 10 Trans Nel — 50 P.T.Y. — —• 28