C.F.M. CONSOLIDATED LOSS £91,828

Press, Volume CV, Issue 30958, 14 January 1966, Page 13

C.F.M. CONSOLIDATED LOSS £91,828

The Canterbury Frozen Meat Company, Ltd., Christchurch, made a consolidated loss of £91,828 before depreciation and interest charges in the 11 months to October 1, 1965, compared with a tax-paid profit of £594,517 in the preceding 12 months. Depreciation was £208,216 (£200,730 the previous year) and interest on debentures £41,258 (£45,000). Consolidated loss after depreciation and interest, of £323,677 compares with a tax-paid profit of £358,963 the previous year. As announced earlier, net loss of the parent company was £336,830, compared with a net profit of £358,936 the previous year. Transfer By transferring £350,000 from the market fluctuations reserve account, the directors intend to pay a dividend of 5 per cent on ordinary shares. Taxation provision is not stated, the C.F.M. having ex-

emption from this under the regulations applying to meat companies.

The dividend of 5 per cent compares with 6 per cent plus a 2J per cent bonus dividend |in the last year. This time the dividend, plus £6OOO for 6 ' per cent payout on preferience shares, total £66,000. Paid up capital was raised 4o last financial year,

with the bonus issue of £300,000 from pre-1957 profits. Carry-forward, after transfer from fluctuation reserve and payment of dividends, is £61,598, and consolidated carry-forward Is £288,076 (£352,753). Revenue reserves are down considerably £1,263,076 (£1,952,753). General reserve is back from £450,000 to £175,000, but the difference is the amount taken, plus profit and loss appropriation account contribution of £25,000, for the bonus share increase. Liabilities Up Current liabilities are £640,786 higher at £2,313,100. The biggest increase here is in secured bank overdraft which has risen from £69,542 to £971,908. Current assets are £2,137,672 (£1,813,481). This takes in stocks £280,145 higher at £1,531,039 and sundry debtors at £443,728 as against £437,668. Investments are up, £197,410 (£186,300); debenture repayment reserve investments are also higher, £133,382 (£120,373).

Missing Car.—Police are looking for a pre-war Austin Seven, registered AR 2383, which went missing from Fitzgerald avenue on Wednesday evening or Thursday morning.