AUCKLAND GAS

Press, Volume C, Issue 29514, 16 May 1961, Page 19

AUCKLAND GAS

75 p.c. Rise In Profit

In spite of a 5.2 per cent, reduction in sales and increased administrative expenses during the year ended March 31, the Auckland Gas Company, Ltd., lifted its net profit by £13.337, or 75.1 per cent., to £31.098. This follows a fall, of 45 per cent, in net profit during the 1960 year, when earnings dropped from £32.387 to £17.761, in spite of record sales of gas and residuals. The earning rate on shareholders’ funds recovered from 2.6 per cent, to 4 4 per cent., on funds £9981 higher at £706.306. The profit was reached after providing £15,264 more for tax at £30.893. and depreciation of £95.451 compared with £82.695 last year The tax figure includes £2OOO in tax overprovided last year, which has been merged with the latest provision. Dividend Up As previously announced, the company has raised the dividend from 4j per cent, to 5 per cent., taking £26,617, compared with £21.294 last year. There are no other provisions and the carry-forward is raised from £20.547 to £25,028. Gross sales declined from the 1960 record of £1,350.573 to £1.280.009. The directors state that production of gas accounts for 67 per cent of the company range of operations, the remaining 33 per cent, being devoted to residuals. Of the total sales, income from sales of gas amounted to £864.573, against £830,910. while sales of residuals, byproducts and appliances dropped from £519.663 to £415,436.