MARAC $l.5m PROFIT Assets rose to $78m

Press, Volume CXIV, Issue 33540, 22 May 1974, Page 11

MARAC $l.5m PROFIT Assets rose to $78m

The audited net profit of Marac Holdings, Ltd, for the year to March 31, rose $482,212 or 44.5 per cent to a record $1,567,000, thei directors say in a prelimin-' ary report. Total assets rose $19.2m, or 32.8 per cent, to $77.7mi during the year. The result represented an earning rate of 39.2 per cent on ordinary 7 capital compared with 33.9 per cent last year, but the earning rate on average shareholders' funds fell slightly from 19.4 per cent to 19.1 per cent.

The shares issued in the recent one-for-two cash issue! do not rank for the final dividend, but directors expect to maintain the current rate of 15 per cent on the higher capital. A final dividend of 7.5 c a share, making a steady 15c a share (15 per cent) for the year, will be paid on July 3, ex-dividend June 19.

Joint venture A joint-venture company of Hume Industries (N.Z.) Ltd, a subsidiary of the Mel-bourne-based Humes, Ltd, group, and Consolidated Brick and Pipe Company, Ltd, has been registered at the Companies Office, Wellington. The company has a nominal capital of $500,000.

The formation of the company was announced in March, but the registration has only just been completed. Ceramic Pipes (Wellington), Ltd will acquire the Silverstream factory of Amalgamated Brick and Pipe (Wellington) Ltd, and the Humes factory at Linden.