AIRLINES OF N.S.W.

Press, Volume CIII, Issue 30337, 13 January 1964, Page 15

AIRLINES OF N.S.W.

Profit Rises Eight Times Airlines of New South Wales Pty., Ltd., formerly Butler Air Transport, Ltd., increased profit almost eight times for the year ended June 29. The company, a subsidiary of Ansett Transport Industries, Ltd., earned a net profit of £102,170 compared with £12,789 in the previous year. In addition to the profit, the company received £108,500 “subsidy from associated companies.” No comparable item is shown for the previous year and directors do not include any explanation of the figure in the annual return filed with the registrar of companies. Overhauls The previous year’s profit excludes a £121,271 write-back of provisions for aircraft overhauls accumulated between 1947 and 1961 and no longer considered necessary. Profit is after depreciation £151,586 (down £22,393). No tax provision is made in the profit and loss account. Paid capital is £281.096, but shareholders’ funds total £168.382. These are reduced by a “prior to purchase” debit in the appropriation account of £376,480. Unappropriated profits, which are listed separately, total £184,291. Dividend to the parent company has been raised from £75,000 to £lOO,OOO. Loans to associated companies total £778,671.

Peak Frean Aust. Incurs Loss (N.Z Press Assn.—Copyright) MELBOURNE, Jan. 10. Peek Frean (Australia) Pty., Ltd., incurred a loss of £18,737 in the year to September 30, and no dividends would be paid for the year, the directors announced today. The loss compared with last year’s profit of £67,543, but directors state tfaat contributing to the loss was an abnormal, non-recurring expenditure of £35.000 on the introduction of a new system of maintaining accounts. The loss was after providing for depreciation of £43,180 (£33,063), and included a profit of £874 on a sale of fixed assets. (Last year a loss of £348.) Working capital at balance date was £74,251, compared with £96.305 the year earlier. Paid capital of the company is £480,000 in £1 shares.