P. AND O. GROUP

Otago Daily Times, Issue 27386, 11 May 1950, Page 9

P. AND O. GROUP

Final Dividend Of Four Per Cent

Rec. 7 p.m. LONDON, May 9 The ninth annual report of the P. and O. group for the year ended September 30, 1949, gave the aggregate net profit at £3,399.517. Non-recurrent revenue ot £310,925 was. added. After writing off the original costs of ships, allowing for additional depreciation and other fixed assets, allowing for some preference and ordinary share profits not held in the group, and other items, the proportion of group profits for the year was £675.623. The directors recommended a final dividend of 4 per cent, on deferred stock, less tax. making 12 per cent, for the year. The Reserve Account has been increased to £7,275,000. With delivery of a new passenger ship and four cargo ships, against which substantial payments were made to the builders, the estimated amount of outstanding lability for construction costs has been reduced to £2.790,054 from £6,298.003. The directors said the company's passenger business had been well maintained throughout the year, although there were signs of a return to the position which existed before the war,_ when the demand for passages was seasonal.