APEX INVESTMENT TRUST

Dominion, Volume 30, Issue 154, 27 March 1937, Page 12

APEX INVESTMENT TRUST

Increased Profit and Dividend

The directors of Apex Investment Trust of New Zealand, Limited,, reported a very satisfactory increase in profits, reserves, and security values at the annual meeting of the company held last week The net profit amounted to i 123/14/10, to which was added £lO/6/8 brought forward from the previous year. After paying an interim dividend at the rate of 4 pei cent, per annum in September last, and amounting to £175/10/3, there was available £558/11/3. . f p A final dividend at the rate of 6 pel cent, per annum was declared absorbing £320/0/4, £l3O was transferred tp dividend equalisation reserve, and the amount carried forward was increased to ilUb In addition, £553/17/6 was transfeired to investment fluctuation reserve, being the net amount realised on the sale ol certain investments during the year, alter providing for taxation thereon. Piohte of this nature are treated as capital profits by the company, and are not included with revenue. Figures for the past three years aic as follows:— r);!( 19 ., 5 193 g G-ss Profit 258 3SS 840 Expenses f'.’l ‘‘2 Net profit ,L’< -lo - Dividend, rate 1 P;>> 0 ; Dividend amount 1-0 16b 4 ' To investment Fluctuation Reserve 1— ’),£ To Div. Equal. Res. — -0 13 The chairman reported to the mj’ctnu that a further substantial increase m the valuation of securities had taken place since the end of the company s year in December.