Schofield sales cut by finance shortage

Press, Volume CXIV, Issue 33588, 17 July 1974, Page 10

Schofield sales cut by finance shortage

(New Zealand Press Association)

AUCKLAND.

The demand for new and used vehicles was strong, the chairman of Schofield Holdings. Ltd (Mr D. H. Steen) says in the annual report. But a shortage of hire-purchase funds was reducing sales.

The company considered that the result for the year to March 31 was quite satisfactory. The group net profit was down 2.3 per cent, or $7945, to $305,049. In spite of greatly improved import-licence provisions, including some for fully assembled cars, the supjply of popular models had inot been sufficient to bring about ready availability, and this applied even more so as

i to commercial vehicles, the r report says. There was an increasing t demand for the lines pror duced by the subsidiary Kerrick Distributors, Ltd, but ■ the effect of this was limited ■ by continuing shortages of r components. The company ■ has traded satisfactorily. The small subsidiary com- ] pany, Steam and Water Sers vices, Ltd, was sold to a com-

■ petitor, bringing a capital profit of $19,585.

The profit was after providing $5764 less at $21,247 for depreciation and $4466 less at $236,478 for tax. The provision for unearned profit on uncompleted hire purchase transactions was $2273 more at $45,653. The steady 8 per cent (8c a share) dividend required $110,400. The earning rate on shareholders’ funds was 14.0 per cent, compared with 15.9 per cent, last year. Shareholders’ funds were $226,324 higher at $2,285,227, including steady capital of $1,380,000,

Daily volume

A total of 244,150 shares was sold on New Zealand stock exchanges yesterday, 106,350 more than on Monday. Industrial issues totalled 242,444 (Monday 150.800) and mining issues 1706 (Monday 4900).

Some of the most actively traded issues (not including rights) were: Dom Brew. .. 32,600 N.Z. Brew. .. . 27,000 Challenge .. 11,700 Firth .. 10,000 Wattie .. . 8,900