Wellington Newspaper Makes £93,625 Profit

Press, Volume CII, Issue 30288, 14 November 1963, Page 27

Wellington Newspaper Makes £93,625 Profit

(Nc>o Zealand Pres* Association)

WELLINGTON, Nov. 13. Net profit of the Wellington Publishing Company, Ltd, for the year to September 30. 1963, was £93,825, an increase of £7204 or 83 per cent. The result is reached after provision of £29,692 (£30376 last year) for depreciation and £94.789 (£83,484) for tax. The steady dividend of 10 per cent takes £30,000 and ia covered 3.3 times.

A sum of £lO,OOO is transferred to dividend equalisation reserve, and £lO,OOO is written off goodwill. After the addition of £3883, representing gain on mortgage insurance redemption and tax adjustments, carry-forward is £242,497 (£194,989). Paid capital is unchanged at £300,000. Reserves total £662.497 (£604,989), making shareholders’ funds £962,497 (£904,989). Current assets are shown at £569,065 (£563,939). current liabilities £205.631 (£145.637), fixed assets £413,067 (£413,428), term liabilities £120.000 (£130,000), investments £245.996 (£203.259), and goodwill £60,000 (nil). Current assets include cash £155,606 (£78.428), term deposits £100.627 (£151,079), debtors £131,201 (£121,089), stock £132,924 (£177,302), and deposits £48,707 (£36.041). Current liabilities include sundry creditors £66,508 (£19,082), subscriptions in advance £14,334 (£13,071). tax provision £94.789 (£83,484), dividend provision £30.000 (£30,000). Investments include shares in subsidiary £48.437 (nil). The directors say that there has been a reasonably satisfactory increase in profits, but steeply rising costs continue to cause much concern. During the year the company purchased the assets of the Manawatu Daily Times Company, Ltd. Realisation of these assets is proceeding, but will not be completed for some time. A note to the accounts states that the subsidiary has not traded since its purchase, and its accounts bear no relationship to' the trading accounts of the Wellington Publishing Company. Ltd. Last sale of Wellington Publishing £5 shares was at £lB. Buyers recently quoted £lB 5s without selling response.