MYER EMPORIUM
PROFITS AND TAXATION
Directors of The Myer Emporium, Ltd., Melbourne, report another year of steady progress. For the twelve months ended July 31 total profits (before providing for taxation and staff superannuation) were £380,080, compared with £379,369 last year and £376.011. After providing £75,000 for taxation and £500 for staff superannuation, net profits amount to £300,080, against £314,369 last year, when £60,000 was provided for income tax and £5000 for staff superannuation. Ordinary dividend is unchanged at 9 per cent, absorbing £155,250. The 9 per cerit. preference dividend takes a further £58,990 and staff partnership dividends £5970.. Other allocations are £20,000 to reduction of property account buildings and £75,000 to general reserve, leaving £274,759 to carry forward, against £289,889 brought in. Directors state gross profit percentage was maintained at the usual moderate figure. Expense percentage was held to the budgeted level in spite of further upward trends in many wage awards during the year. Sales were satisfactorily maintained throughout the year, and are showing a healthy condition for the opening months of the new year. Income from subsidiary investments was satisfactory, and the trading position and prospects of these are healthy and promising.
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Bibliographic details
Evening Post, Volume CXXVIII, Issue 106, 1 November 1939, Page 14
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195MYER EMPORIUM Evening Post, Volume CXXVIII, Issue 106, 1 November 1939, Page 14
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