HEARDS PROFIT RAISED

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

HEARDS PROFIT RAISED

(N.Z Press Association) AUCKLAND, May 15. Heards, Ltd., Auckland confectionery manufacturer, earned a net profit of £24 734—a rise of £3420. or 16 per cent, higher—during the year ended March 31. Shareholders’ funds rose slightly by £6762 during the year to £296.251. giving an earning rate of 8.3 per cent., against 7.4 per cent, in 1960. Tax provision of £23.045 was £1595 higher than in the previous year, while depreciation rose from £11,892 to £13,114. Bonus Issues During the year the company capitalised £68,640 in accumulated profits and capital reserves, making two one-for-five bonus issues, which lifted paid capita) from £156.000 to £224.600. These involved the transfer of £l2OO from the profit and loss account. £37,440 from capital reserves, and £30.000 from general reserve. A dividend of 8 per cent, was paid on capital after the two issues, taking £17,972 against the £15.600 required by the 10 per cent, dividend payment in 1960. After the deduction of the dividend charge the carryforward was £46.591, compared with £41,029 brought in. Gross profit of £159.740 was £4230 higher than in 1960 Expenses fell from £103,357 to £100,250. including selling and distribution costs of £70,458, down £3382.