Marac Profit Up But No Dividend

Press, Volume CVI, Issue 31086, 15 June 1966, Page 23

Marac Profit Up But No Dividend

(New Zealand Pre<« Aizociation) AUCKLAND, June 14. The net profit of Manufacturers’ and Retailers’ Acceptance Company, Auckland financier, increased £6582, or 42.6 per cent, to £21,875 in the year to March 81, but directors have decided to write off the £lO,OOO goodwill rather than pay a maiden dividend.

The increase in profit was in spite of a jump in depreciation Of £40,231 to £48,982. Tax took £8598 more at £21,794. The earning rate on average funds rose from 4.3 to 5.2 per cent and that on average capital from 4.4 to 5.4 per cent.

The gross receivables increased £298,279, or 28.6 per cent to £1,341,983, but because they contain an element of lease rentals, they were higher than those included in the balance sheet—£l, 211,540, an increase of £232,149. The receivables include equipment on lease, up sharply from £40,186 to £254,781, which explained the jump in depreciation.

Take-over Progress (N.Z. Press Association) AUCKLAND, June 14. Holders of more than 50 per cent of the capital of Ross and Glendining have so far accepted the take-over bid by United Empire Box Company. The chairman and managing director of U.E.B. (Mr J. N. C. Doig) announced this today. The offer closes on June 24. It is understood that the large volume of sales of Ross and Glendining shares has caused delays in acceptances reaching U.E.B.