HIKURANGI COAL CO.

Sun (Auckland), Volume 1, Issue 114, 4 August 1927, Page 18

HIKURANGI COAL CO.

ANNUAL REPORT (From Our Own Correspondent.) WHANGAREI, To-day. The flooding of its mine in June of last year and severe competition in the coal trade are factors set out in the annual report of the Hikurangi Coal Company explanatory of the loss sustained during the year ended December 31. The profit and loss account shows a loss for the year of £10,826, which, together with £4,530 carried over from the previous year, creates a debit of £15,356. The directors have also issued a supplementary report for the half-year ended June 30, which states that, as a result of the flooding, it was not until February that normal winning of coal was resumed. Sales, which were £ 30,643 for the 12 months ending December 31, 1926, amounted to £42,929 for the last half-year of 1927. The company has not paid a dividend since 1923, when a profi of £2,447, with £283 from reserves, enabled it to meet the 8 per cent, preference dividend and pay 4 per cent, on ordinary shares. The 1924 report showed a loss of £7,536, and that for 1925 a profit of £1,485. Sales of coal were £60,002 in 1924, and £71,969 in 1925.