AUTOCRAT RADIO

Press, Volume CVI, Issue 31088, 17 June 1966, Page 13

AUTOCRAT RADIO

Profit Do™ 63.8 p.c. (N.Z. Press Association) AUCKLAND. June 16. The consolidated net profit of Autocrat Radio, Auckland, dropped 63.8 per cent in the year to February 28, but the company had much improved its liquidity since the balance date and was back in full production of television sets, the chairman (Mr R. H. Walker) says in the annual report.

Demand was excellent and large orders were in hand. The net profit was £76,960—a drop of £135,737—0f which the steady 20 per cent dividend took £63,000. It was struck after much higher provision for depreciation, up £77,943 at £97,796, and tax of £77,608 (down £144,793). In addition, an excess provision no longer required of £31,955, leaving £15,977 after tax, was written back. Average Funds The profit represented 12.5 per cent on average shareholders’ funds and 24.4 per cent on capital, against 35.6 per cent and 67.7 per cent respectively last year. The heavy depreciation was explained by the fact that rental television sets were depreciated by the full rate of 25 per cent (on reducing values).

Reflecting the activity in rental TV, fixed assets were up sharply by £211,120 to £453,112. Working capital declined £188,751 to £195,545.