LOMPANY NOTES
UALCAST has almost doubled its profits for NC the past year, confirming the favourable reports given last July and November by the chairman, Mr. J. E. V. Jobson. It will be remem- bered that last year the company took over the progressive firm of H. Kaufmann (manufac- turers of various household appliances) which necessitated an increase in the equity capital of (approximately) £375,000. The ordinary capital now stands at just over £1+ million. Trading profits for the year ending June 30, 1958, were £1,414,114, against £749,333. The net profit figure (after tax) was also more than doubled at £504,615 against £214,344. These figures include the .post- acquisition profits of H. Kaufmann, which also had a very profitable year. Qualcast, best known as manufacturers of lawn mowers, is considered to have a seasonable business, the first six months of the year being the busiest, but as ironfounders they also manufacture castings for the motor trade. There is little doubt that H. Kaufmann will prove to be a valuable profit-earner, especially as the outlook for household consumer goods is now so much brighter. The final dividend of 16f per cent. maintains the total rate at 24 per cent. and at 20s. 6d. the 5s. ordinary shares yield £5 17s. per cent., a good return for a well-managed com-
pany with a progressive record. , London Shop Property Trust has reported in- creased profits for the fifth consecutive year under the chairman, Mr. Cyril. W. Black. It seems that the board is very confident about the future, for the latest dividend for the year ending April 30, 1958, has been stepped up from 31 per cent. to 51 per cent., whereas past increases have been only at the rate of I per cent. per year. The company has recently acquired Ribak Property and Ser- vices. Properties held for investment are in the balance sheet at £185,115 and those held for deal- ing, at £450,125. The equity capital is £480,000 in £1 shares which at 27s. 6d. yield £4 ls.'6d. per cent. Taking a long view these should prove a profitable holding.
Henrietta Rubber Estates has once again pro- duced excellent results and has declared a record dividend of 55 per cent. This is a very progressive company which each year increases its planted area and its total crop, which for the year to March 31, 1958, produced an exceptionally high average yield of 1,639 lb. per acre. In May this year approximately 87 per cent. of the share capital of Sungei Puntar Rubber was acquired, bringing into the group another 1,600 acres which will sharply increase the output next year. The
trading profit -was, of course, lower owing to the fall in the price of rubber, but the company has benefited from tax concessions as an overseas trading corporation. The tax charge has been re- duced from £65,381 to £40,929, and £42,300 was written back as tax over-provided. A profit (be- fore tax) of £92,886 was earned, against £100,403
for. the 'previous year.. The current price of the commodity is now below the average price for last year, so that a reduction in the interim dividend was expected. This has been declared as 10 per cent. against 15 per cent., but the 2s. ordinary shares at 4s. 44d. cannot be considered expensive as a long-term investment.
Previous page
