BURNS PHILP PROFIT

Press, Volume C, Issue 29511, 12 May 1961, Page 17

BURNS PHILP PROFIT

Further, But Smaller Rise (Nft.P.A.-R«wt»r— CopkHont) MELBOURNE, May 11. Burns, Philp and Company. Ltd., merchant and shipowner, shows a further, but smaller, rise of £24,051, equal to 2.6 per cent., in net profit at £930,623 for the year ended March 31. The profit had risen £72,666 for the previous year and £253,784 two years ago. Latest profit represents 15.5 per cent, on capital of £6,000,000. The unchanged 10 per cent. dividend requires £600,000. Profit is after cutting depreciation from £177.179 to £82,071 (down £95,108), and property replacement at £125,000 (down £5000). Falls Offset These falls are offset by raising provision for tonnage replacement to £250,000 (up £150,000). Tax, as usual, is not stated but general working exoenses. including tax, rose £202,780 to £1,809,634, Special dividend reserve is drawn on for £187,500 before profit is reached. This reserve last year received £416.671 in special advance .dividends from the Papua-New Guinea sub-

General reserve gains £310,469 (last year £2OO 000) from profit. With suniry provisions no longer required .this reserve totals £3 950,000.

Miscellaneous reserves stand at £3,313,145 (down £285,811).