Strong balance sheet by Canty Roller
The Canterbury Roller Flour Mills Company, Ltd, not only doubled its profit in the year to December 31, but also improved its liquidity. , . The annual report shows that current assets and investments increased by $28,065, and total liabilities declined by $11,850. Last year’s bank overdraft of $41,869 is replaced on the latest balance date by a deposit of $3043, and sundry debtors reduced from $117,678 to $68,295. These items are offset by much higher provisions for taxation and proposed dividend. The current ratio declined from 1.4 to 1.3:1. Shareholders’ funds rose $34,676 to $464,725; they are comprised of $120,000 capital, $115,909 assets revaluation reserve, anil $228,816 retained earnings. Shareholders’ equity rose from 75.8 per cent to 78.8 per cent. As announced, the com-
pany is asking the shareholders at a meeting on April 24 to approve a two-for-three bonus issue; the dividend of 15c a share would be paid on the increased capital, and takes $30,000 compared with $lB,OOO last year. As previously reported, profit doubled to $64,676, after sales increased $111,042 to $1,258,028. The chairman (Mr Jack Brand) calls the result '“very satisfactory,” and says that the directors consider that the profit will again be satisfactory in the coming year. “As well as fully maintaining the mill, a sum of $5905 was spent on purchasing new plant and machinery; and a further $26,000 was spent on mill repairs and maintenance.” Mr Brand says. It is also the directors’ intention to instal bulk flour handling and storage facilities at a capital cost of more than $lOO,OOO.
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Press, 10 April 1980, Page 22
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262Strong balance sheet by Canty Roller Press, 10 April 1980, Page 22
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