T. TOTARA PROFIT UP

Press, Volume CVI, Issue 31118, 22 July 1966, Page 14

T. TOTARA PROFIT UP

Earnings Are New Record (N.Z. Press Association) AUCKLAND, July 21, In a year of substantial growth and expansion to March 31 Taupo Totara Timber Company, Putaruru, lifted group net profit by 28.4 per cent to a new peak of £138,173, after a 38 per cent rise in turn-over. During the year the company took over the Cambridge timber and hardware business of Speight, Pearce, Nicoll, Davys, Ltd., and then purchased more than 80 per cent of the capital of Pacific Forests, Ltd. The issue of capital in these take-overs resulted in shareholders funds being increased by £549,587 to £1,293,971. Earning Rate

The profits represented an earning rate of 10.7 per cent on the higher funds, against 14.5 per cent last year. Gross profit rose by £36,379 to £367,067. Depreciation was £1869 higher at £50,275, tax provision took £122,876 against £106,585 and minority interests amounted to £225 (£9l). An issue of convertible notes during the year raised £258,460 and was reflected in a rise in interest payments from £18,424 to £35,378. Paid capital on balance date was £215,628 higher at £665,922. Dividend was unchanged at 12) per cent, shares issued in the take-overs ranking for five-twelfths of the total which absorbed £72,464 (£56,287).