WESTLAND BREWERIES LTD. TO PAY HIGHER DIVIDENDS

Grey River Argus, 20 September 1949, Page 2

WESTLAND BREWERIES LTD. TO PAY HIGHER DIVIDENDS

A. net profit of £17,984 was recorded for the year ended June 30 last, states the directors’ report to the annual meeting of Westland Breweries Ltd., which will be held on. September 28. The directors recommend that a dividend of 10 per cent, be declared, as against eight per cent, last year. This will absorb £5,500, leaving £16,416 16s 6d to be carried forward.

The report added: — The gross profit of £45,855 compares favourably with the £39,542 of the previous year. Net profit for the year was £17,984 (£13,959), after deducting £ll,OOO as provision for taxation. Taxation in the previous year absorbed £B5OO. The company’s position has improved generally. Land and buildings have increased from £7643 to £10,622, plant . from £14,488 to £21,630, loans and advances from £14,120 to £16,513 and stocks from £11,574 to £12,915. The capital of the company has remained the same at £55,000 and other items which are substantially the same are amounts owing to creditors (£8930); stocks (£12,915), loans (£3000). Amounts owing to, debtors (£18,834); hotel assets (£34,656). The overdraft at the bank is shown at £16,323 (£13,395 last year). “The result of the operations of the year now under review has been most satisfactory, the volume of the company’s output having shown an increase.

“After writing off depreciation on buildings, plant, machinery, etc, and paying beer duty, there remains a net profit of £17,984 4s, to which has to be added the balance to the credit of the appropriation account at the beginning of the year amounting to £14,842 17s 9d and £B9 14s 9d. over-estimate of taxation for the year ended 1948, which makes a total of £32,916 16s 6d. After deducting £ll,OOO as provision for taxation on the year’s profits there is a balance of £21,916 16s 6d to be dealt with. “In accordance with the articles of association, the retiring directors are Messrs T, M. Coltman and F. V. Lyscns, who, being eligible, offer themselves for re-election.”