BERLEI IND. E.R. UP

Press, Volume CV, Issue 31001, 5 March 1966, Page 18

BERLEI IND. E.R. UP

Slight Rise To 8.3 p.c. (N.Z. Press Association) AUCKLAND, March 4. After a 5.5 per cent rise in consolidated net profit for the year to December 19, the earning rate of Berlei Industries, Ltd., Auckland, manufacturer of foundation garments and lingerie, edged up from 8.0 to 8.3 per cent on shareholders’ funds. As 1 ' announced, net profit rose from £60,399 to the record figure of £63,707. The full accounts show that most of the rise is attributable to lower provision for tax and depreciation. Trading profit was £1269 down at £152,584 but other income was £172 higher at £7BB. Tax took £4450 less at £59,800 and depreciation £93 less at £27,427. The steady 10 per cent dividend again requires £41.000 and general reserve again receives £15.000. However, as £11,349 has been appropriated from general reserve to reduce goodwill from £46,349 to £35,000, the net rise in the reserve is £3651.

After writing back £4446 in over-provided tax and £752 depreciation recovered on sale of property, the carryforward is £42,260 against £29.355 brought in. The consolidated balancesheet shows shareholders’ funds £17,568 greater at £771,224.