Company News ALLOY STEEL

Press, Volume C, Issue 29516, 18 May 1961, Page 19

Company News ALLOY STEEL

Profit Again A Record Net profit of Alloy Steel (N.Z.), Ltd., rose £lBO4 or 16.4 per cent, to a record £12,814 in the year ended March 31. The previous year profit rose £1274. The latest result is reached after provision of £1129 (up £103) for depreciation and £12,711 (up £1674) tor taxation. It represents an earning rate of 1133 per cent, on shareholders' funds, compared witfr-TO.®! per cent, on lower funds last year. Dividend has been raised, as • announced earlier, by the addition of a 214 per cent, twenty - fifth anniversary bonus to the 1214 per cent, dividend. The dividend and the bonus require £9OOO, which is covered 1.4 times by the profit This year £4OOO is transferred to reserves, compared with £3489 last year. Carry-forward is slightly down at £286. Paid capital is unchanged at £60,000 in £1 shares. Reserves and unappropriated profits are £47,396, compared with £43,682 last year. Current liabilities are £7766 lower at £27.002. Current assets rose £5828 to £59,761, investments and advances fell £329 to £19,290, and fixed assets are £449 higher at £55,347. Commenting on the twentyfifth anniversary of the company, the directors recall that the company acquired, on its formation, the works of N.Z. Electric Steelworks. The directors considered the success of the venture had exceeded “the most optimistic hopes which led to the formation of the company.”