Manthel expects steady year

Press, Volume CXV, Issue 33918, 11 August 1975, Page 18

Manthel expects steady year

(New Zealand Press Association)

WELLINGTON.

The new financial year already showed indications of being steady and profitable for Manthel Holdings, Ltd, Wellington General Motors franchise holder, says the chairman (Mr M. N. Manthel) in his review of the year to March 31.

Sales were rather buoyant for rhe early part of ’ the 1974-75 year, but the Government’s “rather savage” increase in sales tax on cars with motors over 2999 c.c. severely curtailed the com-; pany’s sales of Holden six' cylinder cars. Mr Manhel 1 saVs.

■ In spite of the reduction in Isales of $16.3m the net profit, as reported, was down only 13.2 per cent to $294,501, he says. There was continuing demand in this country by both commercial users and private motorists for Holden cars and station waggons. New vehicle sales had recovered with the introduction by General Motors of the new Torana four cylinder sedan. The company is continuing its successful merchandising of used vehicles, Mr Manthel says.

The sales volume of replacement parts was both steady and profitable. The Datsun distributorship,

i t and subsidiary. New City < Motors. Ltd. Porirua, is now 11 firmly established as a successful dealership, the report |says. The earning rate on shareholders’ funds fell to 11.3 per 1 1 cent from 14 per cent. The steady 14 per cent dividend required $104,955. land was covered 2.8 times. The ratio of current assets ;ito current liabilities rose from 1.7 to 1.9 to 1. The share premium account holds $132,927. Shareholders’ funds were $194,213 higher at $2,614,883. Term liabilities comprising

mortgages r05e’5272,009 toi $864,467. Fixed assets were $1,596,634 ($1,521,085). |