Carbonic Ice plans for expansion

Press, Volume CXI, Issue 32777, 30 November 1971, Page 16

Carbonic Ice plans for expansion

Carbonic Ice, Ltd, has completed an agreement to purchase a larger property, with possession in 1973, to provide for expansion, the chairman (Mr C. C. Holland) says in the annual report.

The assets at balance date included a deposit of $22,000 on this property. In the meantime, efforts are being made to sell part of the Moorhouse Avenue property. As previously announced, the net profit for the year to August 31 fell $25,123, or 21.1 per cent, to $93,912. The unchanged 15J per cent dividend for the year requires $72,884. The result was in line with that expected in view of the substantial increase in wages and other costs, and also in view of the directors’ decision to hold carbon dioxide prices, Mr Holland says. Sales of carbon dioxide increased 14 per cent in the year, and the directors expect further increases.

The profit was struck after providing $3676 more for tax at $39,297, and $565 less for depreciation of $31,253. The payroll tax was $3432.

The earning rate on steady capital fell from 25.3 to 20 per cent and that on average shareholders funds fell from 14.6 to 11.1 per cent. The funds were $18,379 higher at $856,382.

Working capital improved $13,073 to $340,248 and the ratio improved from 2.3 to 2.7 to 1.