N. CROPPER HOLDINGS

Press, Volume CVI, Issue 31093, 23 June 1966, Page 17

N. CROPPER HOLDINGS

Group Earns £365,000 (N.Z. Press Association* AUCKLAND, June 22. Neill, Cropper Holdings, Auckland merchant, manufacturer ,and flour miller, earned a group net profit of £365,000 after tax and deduction of minority interests in the year to March 31—an increase of 19.4 per cent on the combined profit of Neill, Cropper and Northern Roller Milling Company of the previous year. The dividend has been maintained at 10 per cent. The result is subject to audit. The directors say in their preliminary announcement that the asset replacement provision previously made by Northern Roller Milling, which was acquired during the year, has been discontinued. Adjustment Made If the Northern Roller profit for 1965 is adjusted for this provision, the combined profits of the two companies for last year add up to £304,095, making this year’s profit increase about £59,000.

The result for the latest year includes £65,000 preacquisition profits. This makes the profits for the two years comparable. The profit represents 26.5 per cent on ordinary capital, compared with 30.7 per cent for Neill, Cropper and 22.5 per cent combined last year. The 10 per cent dividend requires £132,330 in addition to the £11,375 preference charge. It is payable on August 9, shares becoming ex dividend on July 22.