K. GARRETT PROFIT UP

Press, Volume CVI, Issue 31080, 8 June 1966, Page 21

K. GARRETT PROFIT UP

26 p.c. Rise On More Sales (N.Z. Press Association > AUCKLAND, June 7. Group profit of Kidd, Garrett Holdings. Auckland engineering supplies merchant, jumped £14,641 or 25.8 per cent, to £71,537 for the year to March 31, after a 14 per cent rise in sales. Proposed new articles of association suggest that the company will apply for Stock Exchange listing. As announced, dividend had been raised from 8 to 9 per cent and required £3860 more at £34,740, says the chairman (Mr N. M. Rogerson). The latest profit was after providing £1277 more for depreciation at £10,667 and £14,957 more for tax at £74,696. It was also after providing £2OO less for minority interests at £2990. Trading Profit Trading profit rose £32,017, or 24.5 per cent, to £162,901. A note to the accounts says that two of the subsidiaries made a profit for the year, while the other made a small loss. The profit lifted the earning rate on average funds from 11.4 to 13.2 per cent, while the rate on capital rose from 14.8 to 18.6 per cent. Shareholders’ funds were £36,790 higher at £558,751. They included steady capital, all ordinary, at £386,000.