Arn. Wright confident

Press, Volume CXIII, Issue 33382, 14 November 1973, Page 15

Arn. Wright confident

j CN.Z. Press Association) WELLINGTON, Nov. 13. “Profits have now been restored to what I regard as their normal level,’’ the chairman of Arnold and Wright, Ltd (Mr L. R. Arnold) said [in his review of the year to April 30. “I expect that profits will remain at the present level unless there are catastrophic changes in the economy,” he said. As reported, net profit increased from $26,669 to $79,908 in the latest year, giving an earning rate on ordinary capital of 34.6 per cent (9.4 per cent in 1972), and on shareholders’ funds the ratio was 16.7 per cent (5.9 per cent). The company is increasing its annual ordinary dividend from 8 per cent to 10 per 1 cent, plus a further 24 per [cent payable from capital I profits. The profit was struck after providing $45,117 ($35,180) | for depreciation, and $62,864 ($28,377) for taxation. Mr Arnold said group sales to September this year were 40 per cent ahead of those at the same time last year. Since balance date, the i company had bought a 221 per cent share in Corbu Systems, Ltd, manufacturers of kitchen furniture, for $40,000 cash. The consolidated balance sheet showed shareholders’ funds totalling $477,945, compared with $392,878 in the previous year, including issued capital of $263,159. Also included in funds employed was $36,841 in convertible notes, convertible at par in May, 1975.