Good start by Revertex

Press, Volume CXI, Issue 32701, 2 September 1971, Page 16

Good start by Revertex

CNew Zealand Press Association)

AUCKLAND, September 1

The sales and profits of Revertex Industries (N.Z.), Ltd, in the first quarter of this financial year exceeded those for the corresponding period of last year, the managing director (Mr W. R. Campbell) said in the annual report.

As announced, the net profit was increased $5241, or 6.4 per cent, to $86,674 in the year to March 31. Substantial charges against

revenue would have to be absorbed this year. However, the directors expected satisfactory earnings. There was a strong demand throughout the year for the company’s resins, coatings and compounds, and services, and the introduction of new products was particularly successful, Mr Campbell said. The link with Mousauto in the new poiyester-resins venture would no doubt advance further opportunities for diversification of products and markets.

The Development Finance Corporation provided $150,000 of the finance for the new plant, and the Colonial Mutual Life Assurance Company $60,000, he said. The profit was after providing $13,733 more for depreciation at $55,268, and $16,798 more for tax at $78,798. The payroll tax was $3463.

The steady 12 per cent dividend took $39,216.

The earning rate on average shareholders’ funds is steady at 14.1 per cent, but that on capital eased from 27 to 26 per cent. Shareholders’ funds were $874 lower at $612,592, ineluding capital of $326,800.