Company News J. MERCER YEAR

Press, Volume C, Issue 29509, 10 May 1961, Page 19

Company News J. MERCER YEAR

Steady Profit And Dividend

Consolidated net profit of J. Mercer Industries. Ltd., Christchurch metalworkers, rose £613 or 2.1 per cent., to £30,340 in the year ended February 28, 1961. The previous year profit rose £347, The latest result is reached after provision of £13.252 (up £l4o> for depreciation and £31.144 (up £614) for taxation. It represents an earning rate of 9.64 per cent, on average shareholders' funds. On lower shareholders’ funds, the previous year’s earning rate was 9.86 per cent. Recommended dividends are steady at 10 per cent.

ordinary and 6} per cent.! preference. They require! £12.000 and £4938 respec-j tively. After meeting minor! expenses, £13.744 is left to! add to carry-forward. increasing it to £71.703. 1 Production Buoyant I Gross profit rose £4208 to! £134,513 while rents fell £127 to £1426. Expenses apart from depreciation and income tax were £2714' higher at £59.603. Sales and production of the operating company, J. Mer-! cer and Sons, Ltd., were! buoyant but higher wages and expenses were met.' directors report. Current liabilities rose £6898 to £230,202 in the consolidated accounts. Under this heading, overdraft rose from £155.689 to £164.208. Current assets are £25,313 lower at £388.805. Fixed liabilities are £6500 higher at £74,600 and staff loans and investments are £229 lower at £ 8590. Reserves rose £13.744 to £122,703 Paid capital comprises £120.000 in ordinary shares and £79,000 in preference shares. Shareholders' funds rose £13,744 to £321,703. Fixed assets are £2OBO higher at £229,110.