S.P.A.N.Z. Net Operating Loss Of £21,949

Press, Volume C, Issue 29682, 28 November 1961, Page 21

S.P.A.N.Z. Net Operating Loss Of £21,949

(Neto Zealand Press Association)

AUCKLAND, Nov. 27. South Pacific Airlines o' New Zealand, Ltd, incurred a net operating loss of £2l >l9 for the initial period from December 14 to July 1.

To this must be added promotional and pre-operational expenses written off at £8740. giving a gross loss of £30,689. Directors state that this loss did not exceed that expected. Total revenue for the period amounted to £101.079 of which passenger timetable services provided £91,435 and charter flights £7257. Costs totalled .2123,028, flying operation accounting for £44.874, aircraft maintenance £23,521, passenger services £7935, civil aviation dues £7987, and administration expenses £33,548. The sum of £3243 has been allowed for depreciation. The balance-sheet shows that shareholders’ funds stand at £125,999 being the paid capital of £156,688 less the loss to date. Current liabilities are £38,210 consisting of creditors of £33,803 and advance tickets sales at £4407. Current assets of £78,706 exceed current liabilities by £40,496. The sum of £50,000 is invested at call, cash is £5573, debtors and advance payments £19,189 and stocks, including spares, at cost, £3944. Fixed Assets Fixed assets are shown at £83,196. The cost of two Viewmaster aircraft is given as £67,271 and spare engines £12,934. Other assets total £16,548. Under this heading are: expenditure on airfield development, £6814; cost of air service licences (including the purchase price of the shares in South Pacific Airlines, Ltd. ,the company formed to obtain the original licences); goodwill, £1650; and • share issue expenses, £6878. A total of 17,860 passengers was carried during the period in which 2413 hours were flown. What we most need is the prayer of fervent desire for growth in grace, expressed in patience, meekness, love, and good deeds.—Mary Baker Eddy.