C. PLASTICS SALESUP

Press, Volume CVI, Issue 31111, 14 July 1966, Page 19

C. PLASTICS SALESUP

Group Rise Of 27.9 p.c. (N.Z. Press Astociation) AUCKLAND, July 13. Consolidated Plastic Industries (N.Z.), Auckland, increased group sales by £804,100, or 27.9 per cent, to £3,682,805 in the year March 31, the annual report shows. Consolidated net profit, earlier announced as about £263,000, was £261,573, an increase of £31,997, or 13.9 per cent. But this was not sufficient to maintain the earning rate on greatly expanded shareholders’ funds. Profit includes 10 months results from Ponsford, Newman and Benson, 1948, Ltd., acquired during the year. Take-Over The 150,00010 s shares issued in the take-over rank for 5/6ths of the dividend. A share premium of £240,000 was made in this issue. Expenses at £18,301 were up £1550, depreciation of £84,578 was £3540 more, tax of £253,055 was up £29,588. Dividend takes £127,125 or £17,225 more. The balance sheet reflects the Ponsford Newman takeover and the one-for-two bonus issue made in March. Since balance date, 225,000 10s shares have been issued in the acquisition of the plastics division of United Empire Box Company and 65,000 in the take-over of A. Wiener and Company and Asher Trading Company, Wellington jewellery firms. This took capital to £1,435,000.