LOWER PROFIT

Waikato Times, Volume 125, Issue 20911, 16 September 1939, Page 2

LOWER PROFIT

PUKEMIRO COLLIERIES SMALLER DIVIDEND DECLARED With the declared dividend two per cent, lower than last year, and the net earnings falling by £2197, the Pukemiro Collieries, Limited, had a less favourable year. Net earnings of the company in the year ended August ill were £4950, against, £7152 in the previous year. There is no provision for depreciation this year, whereas £2669 was allocated last year. The directors reemo mend a final dividend of 2$ per cent, making 5 per cent, for ihe year, against 7 per cent, in the previou.year. With £2721 brought in. there is £7077 available. The year's dividend requires £SOOO. leaving £2677 to carried forward. Gross profit oi £18,021 compares with £21,388 in the previous year. Interest, rents and transfer fees were a shade lower at £4932. The retiring director, Mr A. Howey Walker, is eligible for re-election. Results compare as follows: 1937 1938 1939 ' 81. forward £1,756 £2,r»6S* £2,721 >et profit . 7,81 1 7,153 4,956 j £9.567 £9,721 £7,677 , DiVid. p.C. .7 7 5 Amount .. 7,000 7,000 5.000 Cd. forward £2.567 £2.721 £2,677 ‘lncluding Income tax surplus. Movements in the balance-sheet are comparatively small. Total assets are £4043 lower at £153.286. General and investment reserves arc unchanged, but reserve for taxation is £360 lower at £3054. Among the assets, holdings of Government stocks. Aucki land City Council debentures and shares and debentures in Waikato Carbonisation. Limited, are the same, i Mortgage is slightly lower.