WOOLWORTHS (SYDNEY)

Wanganui Chronicle, Volume 80, Issue 67, 21 March 1938, Page 11

WOOLWORTHS (SYDNEY)

FAVOURABLE PROGRESS. The record profit ef £217,717 earned by Woolworths, Limited, Sydney, in the year ended January 31, was struck after providing £30,000 for taxation, against £65,000 in the previous year. The revenue now received by Woolworths, Limited, from its Queensland subsidiary represents dividends after provision for taxation and reserves has been made by the Queensland company. This explains the reduction in the parent company's provision for taxation. The directors report that the company’s affairs have progressed favourably, and that all branches and subsidiaries are operating successfully. During the year the New Zealand and Western Australian subsidiaries paid to their directors fees amounting to £3150. The directors' fees paid by the parent company were £lO,OOO, of which £4500 was contributed by the Queensland, Victorian and South Australian subsidiaries. The decision to issue bonus ordinary shares represents the capitalisation of £18g,667 of the premium on shares reserve. The new shares will participate in dividends declared after April 30. In future, ordinary dividends will be paid half-yearly, in April and October.