Wilsons Cement Profit is Higher

Northern Advocate, 5 June 1947, Page 9

Wilsons Cement Profit is Higher

Further expansion in profit to £31,209, which is £0197 above the previous year’s figure, is shown by Wilsons (N.Z.) ’Portland Cement Co., Ltd, tor the year ended March 31. In addition, £GO7I is available from excess provision for laxation in 1946, due to tax reductions. With £39,721 brought in. there is £77,001 available, out of which the company is paying an unchanged dividend of 5d (final 2>/ 2 d), equal to 4 1-6 per cent, absorbing £25,000, and leaving £52,001 to be carried forward. Taxation provision is £46,485, against £51.888 the previous year. Results for three years are: 1945 1946 1947 £ £ £ Brought in . . 40,867 39,709 39,721 Net profit .... 18,842 25,012 31,209 Excess rax provision 59,709 64,721 77,001 Dividend p.c. .. 3 1-3 4 1-6 4 1-6 Amount 20,000 25,000 25,000 Carried forward 39,709 39,721 52,001 Balance sheet comparisons for the past two years are: LIABILITIES 1946 1947 £. £ Paid capital 600,000 600,000 Owing to subsidiary . . 11,235 9,694 Creditors 32,807 66,680 Taxation reserve .... 51,888 46,485 Reserves 139,437 139,497 P. and L. Account .... 54,721 64,500 Bank ' 14,897 ASSETS Land, plant, etc 367.831 332,561 Debtors 132,988 04,591 Stocks 109,681 235,752 Shares in subsidiary .. 50,000 50,000 Other shares 11.381 11,381 Government securities . 166.876 166,541 Mortgages T 43 Cash and bank 50,588 10,928 The balancing total is £941,754, against £890.088. The principal change is the increase m stocks and stores, which are more than doubled. This is mainly due to larger stocks of bags and stores. The accounts are set out in a new form, giving comparisons for the past year. The accounts of the subsidiary company show a profit of £4Oll, against £3859. No account lias been taken of this amount in the balance sheet of the holding company. . , Retiring directors nominated lor reelection at the annual meeting on June 25 are Messrs J. A. Gentles and T. H. Wilson.