Commercial H. Berry expects profitable year

Press, 7 August 1976, Page 16

Commercial H. Berry expects profitable year

p\ Auckland Because of the present economic uncertainties, the chairman of Henrv Berry, Ltd (Mr A. G. Brown), says he is unable to offer any insight into the current year, other than it should be a profitable one.

Henry Berry experienced buoyant trading and established new records in Doth sales and net earnings in the year ended March 31. As announced, group Aiet profit rose 16.8 per cent to $56,245, on sales which rose 10.1 per cent to $13,393,295. Because of the recent note issue, the company had sufficient funds to finance the increased turnover and did not now have a liquidity problem, Mr Brown says. Trading by the Hayman

(division, which manufactured a substantial portion of the equipment sold by the company, was satisfactory. Completed extensions to the factory should enable further progress. A major step in recent months was the merging of sunripe products with a sound competitor. It was felt the long term development would be greater, and profit better. The profit was after providing $4600 less for depre-

ciation at $94,799, but $110,071 more for tax at $319,815. The earning rate on ordinary capital was up from 30.7 per cent to 36.5 per cent and that on average shareholders’ funds was steady at 12.6 per cent. Shareholders’ funds were $86,264 higher at $3,291,391, including steady ordinary capital of $1,055,333 and preference of $200,000. Term liabilities were $795,338 up at $2,019,802.