PROFIT UP 15.3 P.C.

Press, Volume CVI, Issue 31109, 12 July 1966, Page 21

PROFIT UP 15.3 P.C.

Increase By C.M.I. (N.Z. Press Association) AUCKLAND, July 11. Consolidated Metal Industries, Auckland, increased its group profit by £19,046, or 15.3 per cent, to £143,797 in the year to March 31, after record sales. Profit was after providing £3649 more for depreciation at £45,138 and £20,499 more for tax at £138,566. As announced, dividend pay-out has been raised from 11 to 12J per cent by a 1$ per cent bonus dividend and requires £7163 more at £55,522. The higher profit has increased the earning rate on average ordinary funds from 15 to 15.6 per cent, while the rate on average ordinary capital is up from 26.2 to 29.8 per cent. All units within the group operated profitably, says the chairman, Mr H. M. Gray. Commenting on the one-for-five premium issue, he said this would provide funds for the building programme and protect the group’s liquidity. Shareholders’ funds were £115,263 higher at £1,086,864. They included ordinary capital £lO,OOO higher at £444,175 from the issue of 40,000 5s shares to buy land. Turn-over, apart from associated companies, rose £254,330 or 11 per cent, to £2,576,567.