BALLINS BREWERIES’ PROFIT HIGHER

Greymouth Evening Star, 11 December 1950, Page 3

BALLINS BREWERIES’ PROFIT HIGHER

CHRISTCHURCH, This Day (P.A.). —Recovery in the net profit from £59,836 to £65,672 was shown by Ballins Breweries (New Zealand) Ltd for the year ended September 30, from which taxation provision at £36,500 (£31,415 a year ago) has to be taken, leaving a residual net profit of £29,172, compared with £28,453. The dividend recommendation, unchanged at 7 per cent, (final 4 per cent.), requires £24,500 and preference dividend at the rate of 5 per cent, per annum on redeemable preference shares recently offered <.nd not yet fully paid, will require £672. The company will carry forward £44,350 against £40,315 brought in. The directors report that turnover

was again higher, this being reflected in increased gross and net profits. Overhead expenses also rose, but much of the rise was attributable to a policy change in costing procedure. Progress on plant and new installations was not as fast as had been expected because of delays in shipment of machinery from overseas but the directors believe that all units at the brew.ery and at Hawke’s Bay will be in economic operation by the end of January, 1951.