PROFITS OF £88,000

Sun (Auckland), Volume I, Issue 271, 6 February 1928, Page 11

PROFITS OF £BB,OOO

GAS COMPANY’S YEAR SIXTY-SIXTH ANNUAL MEETING The year s profits of the Auckland Gas Company amounted to £88,326 U* lOd, after the deduction of working expenses, cost of repairs and renewals, bad debts and depreciation and other charges. Reporting to the 66th annual meeting held to-day the chairman of directors, Mr. J. H. Upton, sa,id: "Beginning with the working account whfeh is, of course, the account of most direct interest the first item is of gas, £395,658 6s 2d. This is Isa by £9,611. accounted for by a further discontinuance of public lighting amounting to £9,600; discounts to industrial enterprises have been rearranged, causing a reduction of revenue of about £4,000; a decrease in sale of gas by metr of nearly one. half per cent, has cost nearly £2,000, thus accounting for the difference. "The various operations under the heading residuals, fittings, etc., have Shren us less by £4,600. On the other side coal has cost £6,650 less, repairs and maintenance £7,931, general charges are more by £1,598, being Payment to the Provident Association, and the new charge by the Government for meter testing. “The net result of our year’s operations is. a revenue of £474,506 17s 7d; ° Ur expenditure £368,180 2s 9d. plus depreciation £ 18.000, leaving a balance £88,326 14s lOd to meet the dividend of £87,350 Is 3d. the balance -976 13s 7d is carried forward. The amount received on capital account Wa « £55,012. The expenditure wan -52.566, made up as follows: New buildings and machinery, £10,327; mains and services. £33,303; meters, £8.725; and land. £5lO. "Thirty-five miles of new mains have hpen laid, making a total of 613 miles. There were 3.078 stoves sold, making a total of 32,422 in use, and 1,533 new consumers were connected, making the total number 46,129. “Our debenture issue of 1921 of •t1.>0.000 matures on May 1 next, and ' ve propose to issue £200,000 new debentures bearing interest at 6J per cent, per annum, with a currency of ***ven years; £150,000 of this is for the purpose of replacing the abovementioned issue, the balance to be in the development of* the business of the company." A dividend for the past half-year of Per cent., amounting to £44,263 9s w °uld be paid to-morrow. The report was seconded by Mr. A. c-lark and adopted.