AUCKLAND GAS

Evening Post, Volume CXXV, Issue 21, 26 January 1938, Page 14

AUCKLAND GAS

PROFITS SLIGHTLY DOWN

Profits of the Auckland Gas Co., Ltd., for the year ended December 31, 1937, were £67,522. This shows the slight reduction of £212 on those of the previous year. The dividend for the year on both the fully-paid and contributing shares is unchanged at 5J per cent. With £9831 brought in, there is £77,353 available. The dividend requires £61,873 and the sum of £5000 is transferred to income tax reserve, leaving £10,480 to be carried forward. The report states that income tax payable on profits earned in 1936 and payable in February is £36,962. The anticipated liability in respect of the year just ended is £40,575, making a total of £77,537. Against this liability reserves of £70,000 are held, including the amount added this year. The retiring directors are Sir James Gunson and Mr. W. R. Wilson, who are eligible for re-election.

• An indication of continued expansion is the further increase in the sales of gas, etc., which rose by £16,060 to £430,649. Manufacturing and management costs, however, are higher. Manufacture of gas absorbed £6460 more at £164,125. but distribution was £1440 lower at £52,849. Management expenses were only a shade higher, while clerical salaries rose by £757 to £29,629. Rates and taxes showed the sharp advance of £10,419 to a total of £48,602. Interest charges were slightly higher.