REX CONSOL. PROFIT UP

Press, Volume CV, Issue 31057, 12 May 1966, Page 25

REX CONSOL. PROFIT UP

Dividend Held At 11 p.c. (N.Z. Press Association) AUCKLAND, May 11. Rex Consolidated, Auckland hardware and garment manufacturers increased consolidated net profit by £3333, or 5.4 per cent, to £65,549 in the year to March 31, the chairman (Mr L. N. Ross) announced in a preliminary statement. Dividend has been held at 11 per cent. Sales were a record, Mr Ross said. The result is subject to audit. It was struck after providing £1571 more for depreciation at £27,408 and £3265 more for taxation at £62,265. Profit represents an earning rate of 33.6 per cent on capital, compared with 31.9 per cent last year.

Recommended final dividend of 6 per cent is payable on July 19; ex dividend July 14. The company paid a maiden dividend of 8 per cent in 1962, followed by 9 per cent in 1963, 10 per cent in 1964, and 11 per cent last year, when profit rose 13.5 per cent.

Northern Steam. Northern Steam Ship Company, Auckland coastal ship owners, recommends a final dividend of 3J per cent to be paid on July 1, ex dividend June 16. This makes 6 per cent for the year, against 21 per cent last year when the interim dividend was passed Auckland Gas.—Recommended final dividend of the Auckland Gas Company is a steady 5 per cent, payable June 16; ex dividend May 30. The board advises that the dividend will not be fully covered by the profit for the year, because of the effect on the retorts resulting from the type of New Zealand coal the company had no option but to use.