CHRISTCHURCH GAS

Press, Volume XCV, Issue 28262, 27 April 1957, Page 14

CHRISTCHURCH GAS

£18,963 Increase In Profit

Net profit of the Christchurch Gas, Coal and Coke Company, Ltd., in the' year ended March 31, 1957, was £28,312—an increase of £18,963 over the profit for the 15 months ended March 31, 1956. The latest result is reached after provision of £12,031 (down £942) for taxation, and £63,624 (up £21,892) for depreciation. As previously announced, a dividend of 4 per cent, is recommended. This is the same as was paid in the year ended December 31, 1954. No dividend was paid last year. The dividend requires £15,372, or £12,940 less than profit, and carry-forward is increased to £53,177. Sales fell £105,465 to £536,459. and rents fell £3BO to £1066, but the latest figures cover 12 months’ trading, compared with 15 months in the previous accounts. Expenditure on materials and wages for the manufacture of gas fell £158,730 to £375,228, and salaries, etc., rose £712 to £50,480, Directors’ fees are £4OO lower at £l6OO.

Tax Provisions Provision, for taxes is given as £12,031 in the revenue account and £13,787 in the balance-sheet; comparable figures in the previous accounts were £12,973 and £11,664 respectively. Bank overdraft has been reduced £37,733 to £145,722, and trade creditors fell £2?,770 to £24,412- A new item in this year’s current liabilities is a secured debt of £lBO,OOO to the State Advances Corporation. Current liabilities total £379,293 (up £36,992) exceed current assets by £238,603 (compared with £180,450 last year). Provision for renewals is increased by £6250 to £56,250. Not shown in the previous balancesheet, depreciation reserves (less balance written off) is. given as £20,185. Trade debtors rose £10,486 to £33,993, and equipment on hire purchase fell £5825 to £10,412. Stocks fell £25,822 —mainly through a drop of £24,676 in mains, meters, fittings and showroom stocks—to £96,285. Fixed assets are £ 14,122 higher at £756,390. Buildings are £2484 lower at £49,760, and land remains at £34,945. Fixed assets rose £97,528 to £841,095.