BIG DECREASE

Otago Daily Times, Issue 27346, 23 March 1950, Page 9

BIG DECREASE

Net Profit Of Macduffs PA WELLINGTON, Mar. 22. Accounts of Macduffs, Ltd., for the year ended December 31, 1949, show a net profit of £27,467, against £40,580 in the previous year. Dividends (ordinary is cut from 10 to 6 per cent.) take £27,526, against £40,324, the carry forward is £11,035, against £11,094 brought in, and the taxation provision is £23,850, against £43,000. The directors state that the trading activities during the past year continued to follow the 1948 trend, more goods becoming available with a wider choice for buyers. “ Disorders prevailing in the import licensing system had a detrimental effect on the company’s operations, particularly in greatly decreasing its access to crockery goods, which are a fundamental part of the company’s business,” they state. “ The Government policy also brought about reduced trading margins and substantially increased the costs of operation. As the increase in sales was not forthcoming to offset these factors, they bore heavily on the company and adversely affected the trading results. “ Subsidiary and associated companies are in a good shape and have all made their contribution to the company’s earnings, though in the case of Macduffs Storage, Ltd., serious building delays meant- that the property did not become fully revenue producing till the end of the year.” The net profit of Macduffs Holdings, Ltd., was £10,739, against £9302. The dividends take £10,700, leaving a carry forward of £2587, against £2526.