WHAKATANE MILLS, LTD.

Otago Daily Times, Issue 26904, 16 October 1948, Page 3

WHAKATANE MILLS, LTD.

A net profit of £57,715 was earned by Whakatane Board Mills. Ltd., for the year ended June 30. The accounts cover the first year since the incorporation of this company. The result is reached after providing £112,000 for taxation and £44,030 for depreciation, and compares with a net profit of £31,763 earned last year by Whakatane Paper Mills. Ltd., before its reorganisation. Dividends of 5 per cent, are recommended on both ordinary and preference shares, requiring £45,482. This will leave a balance of the year’s profits of £12,233 to be carried forward. A net profit.of £16,896 earned in the six months before incoiporation on July 1, 1947, is transferred to a special reserve. Gross profit for the year was £274,328, and income from investments, commissions, discounts, etc., totalled £4411. The year was the best one for production since the company started manufacturing operations in 1939, state the directors. Production during the year of 16,320 tons of paper board showed an increase of 3303 tons over the previous year, and exceeded the former record by 2036 tons. The value of cardboard delivered during thfe year amounted to £902,356, Compared with £656,509 in the previous year. The balance sheet total is £1,230,710.