PROFITS FROM PICTURES.
A year ago the Associated British Picture Corporation increased its capital from £1,500,000 to £8,500,000, mainly with the object of Completing the purchase of the share capital of Associated British Cinemas. In the annual report just issued the profits of Associated British Cinemas have not been included, but have been carried forward. They will be in. eluded in future and the report is an encouraging document for shareholders. The total combined trading profits of S.573,000 show an increase of about £180,000, the profits of the Corporation alone revealing an advance from £138,000 to £157,000. The Associated British Picture Corporation is now increasing its Ordinary dividend from 5 to 6 per cent., and it is proposed to increase the Capital Account from £3,500,000 to £4,000,000 by creating £250,000 additional Preference Shares and the same amount in Ordinary Shares. This extra capital is to be used to complete financial arrange- ments for funding the loans of its subsidiaries, by which a saving in interest is expected. The Ordinary 5s. Shares now stand at about 6s., and on the basis of the 6 per cent. dividend the yield to ,the buyer at the present price is approxi. mately £5 per cent.
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