Profit Recovery By North. Steam

Press, Volume CVI, Issue 31082, 10 June 1966, Page 15

Profit Recovery By North. Steam

(Neu> Zealand Press Association) AUCKLAND, June 9. Lifting net profit £26,509, or 208 per cent, to £39,238 in the year to March 31, the Northern Steam Ship Company, Auckland, had its third best year. In addition, there was a profit of £4369 on the sale of assets, compared with a loss of £791 the previous year.

The result is exceeded only by the £68,012 earned in 1961, and the £50,099 in 1959. As announced, the dividend has been raised from 2} to 6 per cent.

While the results have fluctuated considerably in the past the directors were hopeful that improvements already carried out and the move into a roll-on, roll-off service would provide more satisfactory returns in future years, the chairman (Mr E. H. Rhodes), says in the annual report.

Trading Profit The trading profit of £308,802 was £80,200 higher than last year. Expenses at £148,187 were £11,764 more, and tax of £52,857 was an increase of £42,036. The results reflected the changes in policy implemented over the last two years, Mr Rhodes says. The balance sheet reflected the sale of the Moanui, with fixed assets down and overdraft reduced by £169,738 to £39,598. Capital at £414,611 shows no change while reserves at £131,309 were £18,723 higher Fixed assets at £522,750 were

£154,861 lower, investments at £58,225 were £46,643 more and working capital credit £35.055 against £98,591 last year. Of the current items, cash

increased £41,528 to £60,095, while debtors are £32,272 lower at £97,439. Creditors are £35,825 higher at £142,381.