COMPANY NEWS
National Electrical and Engineering Co., Ltd.—The net profit for the year ended October 31, 1950, after providing for income and social security taxation, amounted to £62,407. states the annual report of directors Payment of a dividend of 15 per cent, was recommended, leaving a carry-forward of £44,666. It is also recommended that £IO,OOO be transferred to the dividend equalisation reserve, £26,000 to the renewals and extensions reserve, and that the general reserve be increased to £93.000. Mount Isa.—A sharp fall of £686,579 to £770,758 in net profit is shown in the accounts of Mount Isa. Ltd.. Queensland, for the year ended June 30. The result is reached after providing £482,066 less for taxation at £520,000, and an unchanged amount of £400,000 for depreciation. The dividend is reduced from 25 per cent, to 15 per cent., requiring £736,183. The balance of current profits of £34,575 increases the carry-forward to £1,140,990. Total metal production, with the exception of the copper output, was lower than the 1949 amounts. The total operating costs were £3 11s 4d a ton, against £2 14s 5d in 1949.
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Bibliographic details
Otago Daily Times, Issue 27567, 8 December 1950, Page 9
Word Count
183COMPANY NEWS Otago Daily Times, Issue 27567, 8 December 1950, Page 9
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