Company News TRUTH N.Z. YEAR

Press, Volume CI, Issue 29849, 15 June 1962, Page 12

Company News TRUTH N.Z. YEAR

Profit Down 12 p.c. (NZ. Press Association) WELLINGTON, June 14. Net profit of Truth (N.Z.), Ltd., for the year to March 31, 1962. was £48,864, against £55,520 in 1961 and £21,381 in 1960. Profit is 12 per cent, down on the 1961 figure. It represents an earning rate of 23.75 per cent, on ordinary capital. against 27.36 per cent, in 1961 and 21.98 per cent, in 1960. The result is reached after provision of £18,508 (£20,347) for depreciation and £52,927 (£48.507) for tax. Preference dividends take £3505 (£3505) and ordinary dividend of 12 per cent.. £22.813 (£22.813). Retained surplus for the year is £22,346 (£29’02). Revenue Down

Gross revenue was £798,959 (£815.530) and expenses were £697.368 (£711.503). Paid capital is unchanged at £61.756 preference and £190,110 ordinary. Reserves total £136.035 (£113.689). Current assets are £197,626 (£242,545), current liabilities £144.635 (£153,306). fixed assets £401.919 (£314.009). fixed liabilities £116,509 (£106.693) and investments £48,500 (£69,000)

The directors say that in general trade has continued satisfactorily during the year, the circulation of “Truth” having reached a record level. Import Control

There has been some diminution in the profits derived from the distribution of overseas publications due to import restrictions, and the indications are that these restrictions will continue for some time. Costs had continued to rise. There has been some recession in advertising compared with the previous year. This is attributable partly to import restrictions and partly to the general economic uncertainty which has prevailed during the last year It has been thought necessary to install a new high speed rotary press which will enable the company to produce a larger newspaper more economically than can be done with the existing plant. The new press is expected to be ready for shipment to New Zealand in the first quarter of 1963.