RECORD NET PROFIT

Otago Daily Times, Issue 27385, 10 May 1950, Page 9

RECORD NET PROFIT

Bycroft Ltd. (Auckland) PA AUCKLAND. May 9. An expansion of move than 36 per cent, to a-new record is shown in the net profit of Bycroft, Ltd. (Auckland), for the year ended March 31. The result was £21.046, compared with £15.460 lsst year, and was reached after providing an unspecified amount taxation, and transferring £IO,OOO to the plant obsolescence reserve. The dividend is maintained at 8 per cent, (final 3i per cent.) on increased capital, and requires £16,000. leaving £5046 to increase the carry-forward to £11,113. During the year capital was increased from £150.000 to £200,000 by the issue of 50.000 £1 bonus shares, and £IO,OOO is shown as having been transferred from the profit and loss account toward the issue. The gross profit from trading showed an increese of £7105 to £144,186, but other income £5322. Expenses, including tax provision and transfers to the plant obsolescence reserve, totalled £127,462, an increase of £921. The directors’ fees were £IOOO, against £BOO. Reserve for depreciation and obsolescence, of £75.752, is shown in the balance sheet as a separate item for the first time. The total of fixed assets, less reserve, is given at £70.086.