O.D.T. LIFTS PROFIT

Press, Volume CIII, Issue 30364, 13 February 1964, Page 17

O.D.T. LIFTS PROFIT

£3467 Rise To £50,364

The Otago Daily Times and Witness Newspapers Company. Ltd., Dunedin, increased net profit by a further £3467 to a record £50,364 in the year to January 31. Revenue from advertising, newspaper sales, and general printing all increased during the year. Advertising revenue went up from £445.684 to £487,469, newspaper sales from £115,613 to £121,168 and general printing and miscellaneous revenue from £182,513 to £213,150.

Daily circulation passed the 40.500 mark for the first time during the year.

The chairman (Mr J. S. Sinclair) says .in his report that the company’s future is too dependent on advertising revenue, which can quickly Ibe affected by trading and employment conditions. “Some security for the future would be for metropolitan newspapers to fall into line with the majority of provincial newspapers who have increased the selling price of their papers,” he says. The company has a new Goss rotary press on order and this will be shipped in July for installation in a new building. The latest year’s profit was reached after providing £1716 more for depreciation at £24,132 and £lBO4 more for tax at £48,254. It represent 20.9 per cent on steady capital of £240,000 against 19.5 per cent last, year.

Earning rate on shareholders’ funds is 12.26 per cent against 12.23 per cent last year.

Dividend of Is lid a share takes £23,000 and carry-for-ward is £56,908. Last year’s is 9d dividend took £21,000.

Don’t Sell Warning

Wholesalers, Ltd., Dunedin, has advised the Stock Exchange Association that it has received notice of a takeover bid.

New Companies Registered

Seven Christchurch and Canterbury companies are among company registrations notified in the current "Mercantile Gazette.” They are: — Bates Sise and Company, Ltd., private company, December 24. C/o. A. H, Turnbull and Company, Ltd., 150 Manchester street, Christchurch. Capital: £lO,OOO. Subscribers: A. H. Turnbull and Company Ltd., 9999, T. D. Gibson, 1. Directors: R. T. R. Jones, T. F. M. Gibson, R. M. Sise. Objects: Merchants, importers and incidental.

Esler Farm, Ltd., private company, January 20. C/o. W. C. Prosser and Son, Public Accountants, 131’ High street, Rangiora. Capital: £5OOO. Subscribers: J. J. Esler 3999 preference, M. L. Esler 1, I. S. Esler 1000 ordinary. Directors: J. J. and M. L. Esler. Objects: Farmers and incidental. Harden Cleaning Service, Ltd., private company, January 24, 259 Ashgrove terrace, Christ-, church. Capital, £5OO. Subscribers: F. H. Harden 251, M. D. Harden 248, J. R. Matheson 1. Director: F. H. Harden. Objects: Cleaning contractors and incidental.

Industrial Safety Services (N.Z.) LTD., private company, January 24; 422 St. Asaph street, Christchurch, P.O. Box 2272. Capital: £20,000. Subscribers: Auckland—Wormaid Brothers, Ind. (N.Z.) Ltd. 19,997. W. Jarvie, A. Bramley 1, F. T. M. Cheshire 1. Directors: W. Jarvie, F. T. M. Cheshire, B. P. D. List. Objects: Industrial consultants, advisers and incidental. Linwood Foods, Ltd., private company, January 28; 4B Buckleys road, Christchurch. Capital: £lOOO. Subscribers and directors: D. Harris 500, A. H. Harris 500. Objects: Storekeepers and incidental.

North West Investments, Lfd., private company, January 23; c/o. H. R. Fountain, public accountant, 135 Hereford street, Christchurch. Capital: £9750. Subscribers: M. L. Paynter 25, E. L. Paynter -25, Paythorn Investments, Ltd., 9700. Directors: M. L. Paynter and E. L. Paynter. Objects: Deal in land, building and incidental. Valley Road Stores, Ltd., private company, January 27; 81 Cashmere road, Christchurch. Capital: £4300. Subscribers: I. McE. Nugent 3175, L. E. Nugent 1000, D. McE. Nugent 125. Director: I. McE. Nugent. Objects: Storekeepers and incidental.