RHEEM N.Z. PROFIT

Press, Volume CV, Issue 31005, 10 March 1966, Page 22

RHEEM N.Z. PROFIT

Decrease Of 17.9 p.c. (N.Z. Press Association) WELLINGTON, March 9. Accounts of Rheem (N.Z.). Ltd., for the year ended December 31, 1965. show a net profit of £39,423 compared with £48.026 for the previous year. This represents a decrease of 17.9 per cent. The profit was struct after allowing £22.198 for tax (£48,617) in 1964 and £23.445 (£19,118) for depreciation. An unchanged 12 per cent dividend will take £25,600 and £37,676 (£23,853) will be carried forward. Profit covers dividend 1.5 times: paid capital remains at £213.333, all ordinary. Reserves are £76.843 (£63.020) and total shareholders’ funds £290.176 (£276.353). Current assets are £184.005 (£217.638), current liabilities £130,433 (£83,506). fixed assets £395,257 (£242,221) and long-term liabilities £158.653 (£100.000). Directors report that earnings for the year were reduced because of a fall-off in traditional drum volume, and the absorbtion of all initial expenses associated with new projects. Business Personals Mr T. W. Hartrick has been appointed general manager of International Computers and Tabulators (N.Z.), Ltd. He will also join the board of the company as an executive director. Mr Hartrick, who has been with the New Zealand company for the last four months, was formerly Victorian sales manager for 1.C.T., Australia. Dr. G. A. Lau, Wellington business consultant, has resigned from the board of United Empire Box Company. He will remain available to the company for consultation on special projects.—(P.A.)