PROFITS INCREASE

Evening Post, Volume CXXIII, Issue 71, 25 March 1937, Page 14

PROFITS INCREASE

APEX INVESTMENT TRUST

The . directors of the Apex Investment . Trust of New Zealand, Ltd., Masterton, reported, a very satisfactory increase in profits, reserves, and security value at the annual meeting of the company held last week The net profit amounted to £723 14s lOd to which was added £10 6s 8d brought forward from the previous year. After: paying an interim dividend at the rate of 4 per cent, per annum in September last, and amounting to £ 175 10s < 3d, there was available £558 11s 3d. A-final dividend at the rate of 6 per cent, per annum was declared, absorbing £320 0s 4d, £130 was transferred to dividend equalisation reserve, and the amount carried forward was increased to £108 10s lid. In addition, £553 17s 6d was transferred to investment fluctuation reserve, being the net amount realised on the sale of certain investments during the year, after providing for taxation thereon. Profits of this nature are treated as capital profits by the company, and are not included with revenue. Figures for the past two years showting 1935 in parentheses are as follows: (Gross profit, £840 (£388); expenses, £117 (£173); net profit, £723 (£215); dividend rate, 5 per cent. (4 per cent.); dividend amount, £496 (£166); to investment fluctuation reserve, £554 (£391); to dividend equalisation reserve, £130 (£l2O and nil for 1934), The chairman reported to the meeting that a further substantial increase in the valuation of securities had taken place since the end of the comipany's year in Liecember- ■