NORTHERN STEEL
Profit Rises To Peak (N.Z. Press Association) AUCKLAND, June 15. Pre-tax profit of Northern Steel Supplies, Auckland, rose £8462, or 12 per cent, to a record £79,045 in the year to March 31, but because of the abnormally low tax'provision last year, net profit is £2227 lower at £39,920. In addition to the trading profit, there was a capital profit of £24,518 on property realisation. Result was after providing £4026 less for depreciation at £12.889. However, tax provision is £10,689 higher at £39,125. Last year’s low provision was caused by the £14,465 loss in the previous year. The result represents an earning rate of 9.9 per cent on average shareholders’ funds and 17.7 per cent on capital, compared with 11.4 and 18.8 per cent from the inflated profit last year. As announced, dividend has been raised from 9 to 10 per cent, requiring £22,500 (up £1250). Business Personal Mr J. T. Sheffield, chairman Of McKendrick Consolidated Industries, has resigned from the board of directors. Mr C. A. R. McKendrick has been
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Press, Volume CVI, Issue 31087, 16 June 1966, Page 19
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173NORTHERN STEEL Press, Volume CVI, Issue 31087, 16 June 1966, Page 19
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