INCREASED PROFIT

Dominion, Volume 32, Issue 145, 15 March 1939, Page 12

INCREASED PROFIT

Australian Iron And Steel A profit of £2l3,BB4—the best since £215,039 was earned in 1928-29 on smaller capital—is reported by Australian Iron ami Steel, Ltd., for the year ended November 30 last. In the preceding year £145,379 was earned, and in 193v>36 a loss of £29,730 was incurred. Depreciation amounting to £272,090 was provided before tiie latest profit was struck, compared with £201,000 in 193637, and £83.500 in 1935-36. During the yeur 12 mouths’ dividend on the 74 per cent, cumulative preference shares was paid, requiring £58,125 and bringing payments up to November 1, 1934,,and £400,000 has been transferred to" general reserve. A further luilfyear’s preference dividend to May 1. 1935, is recommended by the directors. Transfer books will be closed from April 18 till Mav 1, both days inclusive. ; Results of the last few years are shown as follows :—

During Ihe y«aj’, the directors report, good progress was made with the extensive programme of plant additions and improvements.

These plant improvements and addi lions are working satisfactorily, the directors add. Productive operations through the year were generally regular, with the exception of some dislocation caused through an extended stoppage of work at the coal pits. The acquisition last year by the Broken Hill Proprietary Co., Ltd., of £2,(100,000 of ordinary capital of the company in liquidation of advances is reflected in the following balance-sheet comparison:—

Year ended November 30. 1935. 1930, 1937. 1938, £ £ £ Profits .. . 80.010 1.45,379 213.884 Loss — 29,730 — —- Dividends '. (15.140 58,120 58,120 +58,120 ♦Pref. p.c 71 71 71 +7J ♦Subject to interest reduction as from October 1. 11)31 tBelng for the year ended Mav 1, 1935.

ASSETS1937. £ 1938. £ Freehold, machinery, etc. (J, .36-1.500 7.755,000 Patent rights . . . 58.(120 59,590 Shares in subsidiary 3S8.ii.70 •■'..80,501) Stock on hand 538.590 042,300 Debtors 399, H<X) 381,100 15,140 Consols bonds, etc. 15,1 10 Cash OKI 950 IJAB1L1TIESPreference capital . 1,000.000 1.000.000 Ordinary enpilal . . 2,700.007 1,700,007 (Jeneral reserve 15.710 415,710 Ordinary div. appn., el c. !H,070 91.070 Profit and loss 380,110 135,870 Bank overdraft 777,410 1,012,000 Creditors 2.800.530 1.258,980