S. Biolab re-directs finances in 1975

Press, 18 June 1976, Page 16

S. Biolab re-directs finances in 1975

jNZPA Auckland ! Smith-Biolab, Ltd, the ; Auckland pharmaceutical ; group, directed financial rei sources away from its con- ! surper-type interests in phari macy, plastics and packaging I in the year ended on Janu!ary 31, says the chairman (Mr D. G. E. Brown) in the annual report. The demand in these market segments was weak throughout the year, compared with that for medical and scientific products, he says. As announced, the com- ■ pany continued its steady run of profit increases with j a gain of 16.3 per cent to; $287,608. Sales rose 4.6 per cent to $55.3m. The parent company, Smith-Biolab, Ltd, increased ■sales 8 per cent with gains J of 32.3 per cent in scientific products and 17.8 per cent in medical products. The pharamcy division dropped a low agency line. Because of this its sales fell by 10.4 perl

I cent. The profit of the comIpany increased but was I affected by the New Zealand |devaluation last August. i Subsidiary companies, Downing Plastics Industries, Ltd, and Biological Laboratories, Ltd, improved the profit, but Grapic Packaging, Ltd, reported lower sales and profit. The packaging industry was substantially affected during the year by poor consumer demand, but prospects remained good. The profit was after providing $67,460 more for tax at $537,507, $lBl more _for [minority interests at $2765, ■but $238 less for depreciation at $104.113. The earning rate on higher captial was 36.2 per cent (.39.3 per cent previously) and on shareholders’ funds 16.6 per cent (18.9 per cent). Shareholders’ funds rose $373,864 at $1,918,958, including capital at $" 93,800 —an increase of $163,800. [ Term liabilities were down $lO,OOO at $217,500.