NEWS LTD. GROUP

Press, Volume CIV, Issue 30895, 30 October 1965, Page 20

NEWS LTD. GROUP

Considerable Achievement (N.Z. Press Assn.—Copyright) ADELAIDE, Oct. 29. The last year had been one <rf considerable achievement by the News, Ltd., group, the chairman (Mr K. R. Murdoch) told today’s annual meeting. Most divisions showed higher revenues and the group profit for the year to June 30 last was highly satisfactory in view of the expansion initiated during the year, he said. “The ‘Australian’ is now firmly established in the nation’s business and professional circles,” he said. “After high Initial curiosity sale, its circulation settled back to 50,000 a day—from where it has advanced to 70,000. We expect the trend to continue. Establishment “The total establishment costs and early losses were £682,288. All losses incurred since January 1 have been absorbed in the consolidated profit and loss accounts. “Trading losses have been considerably reduced, and are being further reduced to a level where they can be readily absorbed by the rest of the group. “Advertising revenues and space of the “News,” Adelaide, were both records.” Mr Murdoch said News, Ltd., was negotiating to take up 1,250,000 shares of 20s each, at a premium of 6s each, in Australian Newsprint Mills Holdings in Tasmania. Payment would be spread over three to five years.

Fletcher Interim. —Fletcher industries. Auckland, will pay unchanged 5 per cent ordinary. 3 per cent preference, and 2i per cent redeemable B preference and C preference dividends for the half-year to October 31. Ordinary dividend is ex dividend on November 29 and payable December 8 while preference dividends are payable on November 30 and ex dividend November 23. —(P.A.).