Exports help Schofield
PA Auckland Export incentives gained by Kerrick Distributors, Ltd, were of considerable help to Schofield Holdings, Ltd, in the latest year, says the chairman (Mr D. H. Steen) in his annual review. The subsidiary, a manufacturer and distributor of steam cleaners and generators, increased its profits strongly, but the group’s profit in the 12 months to March 31 was $95,478 or 32.6 per cent down at $197,018. The motor industry,. in particular, needed the stock adjustment allowance to counter the effects of inflation, Mr Steen says. The motor vehicle business had been greatly affected by the rapidly-rising costs of maintaining adequate workshop facilities for the benefit of customers. The profit was after depreciation $1655 higher at $27,405 and a tax credit of $2153, compared with a liability of $153,928 in the previous year. The one per cent higher dividend, of nine per cent, required $13,800 more at $124,200. The earning rate on shareholders’ funds dropped from 10.7 per cent to 6.9 per cent.
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Press, 31 July 1978, Page 14
Word Count
166Exports help Schofield Press, 31 July 1978, Page 14
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