NET PROFIT DOUBLED

Otago Daily Times, Issue 27567, 8 December 1950, Page 9

NET PROFIT DOUBLED

Canterbury Frozen Meat Daily Times Special Service CHRISTCHURCH, Dec. 7. The accounts of the Canterbury Frozen Meat and Dairy Produce Export Company, Limited, for the year ended November 30 show an increase in net profit of more than 100 per cent, and include provision for a centennial bonus of 3 per cent, to ordinary shareholders. The net profit, after making provision for depreciation, is £81,870 as against £38,913 in, 1949 and £40,580 in 1948. Including an amount brought forward from last year, the total to the credit of the profit and loss account is £106,732, compared with £63,986 in 1949. Out of this, £20,000 has been added to the general reserve and £20,000 to the renewals and replacement reserve, leaving £66,731 to be disposed of, which the directors recommend should be distributed as follows:—A dividend (unchanged) of 6 per cent, on preference shares, £6000; a dividend (unchanged) of 9 per cent, and a centennial bonus of 3 per cent, on ordinary shares. £13,500; and a carry-for-ward of £47,231. The issued capital of the company stands at £212,500. The reserves amount to £306,196 under the following heads:— General, £150,000: insurance, £90,000: renewals and replacements, £66,196.