North Power Beard Profit For Half-Year

Northern Advocate, 14 November 1941, Page 3

North Power Beard Profit For Half-Year

A difference of £17,968 of income over expenditure was shown by the North Auckland Electric-power Board during the six months ended September 30, 1941. In view of the present extraordinary position, with rising costs, economy in power supply and scarcity of construction materials, he was presenting a statement of income and expenditure and net revenue accounts for the half year, stated the secretary (Mr. S. P. Day). While reductions in charges were not operating until August 1, the position disclosed was quite healthy and the board, despite the difficult conditions, should experience a successful year. Sales of electricity amounted to £40,895 while profits from installations and sales of materials and service lines came to £1250, the statement revealed. Rents received amounted to £lll to bring the total revenue for the six months to £42,256. Expenditure On the expenditure side the largest single item was cost of power which amounted to £14,082. Management and general expenses accounted for £4131 while discounts allowed consumers totalled £3191. Repairs and maintenance cost £1497, special charges, £740, and distribution such as transport £646. The balance of £17,968 was transferred to the net revenue accoun, which, with interest on advances to consumers of £697 and interest on fixed deposits of £9O, brought the total in this account to £18,755. Interest paid by the board on loans was £6922 while the loans repaid reserve was £5969, a balance of £5868 being carried forward. The report was adopted.