REX-AVIAT. PROFIT

Press, Volume CVI, Issue 31211, 8 November 1966, Page 21

REX-AVIAT. PROFIT

£1278 Slip To £63,132 f.V.Z. Press Association > AUCKLAND, Nov. 7. Consolidated net profit of Rex Aviation (N.Z.) Ltd., New Plymouth franchise holder for Australia and New Zealand of Cessna Aircraft, and Aerial Topdresser, eased £1278 to £63,132 in the year to June 30. Turn-over increased bv £473,089 to a record £2.206,922, mainly because of the appointment of a number of Australian dealers to whom the comoany whoelsales only, the chairman (Mr Miles N. King) said. The extension of sales and service facilities to many remote outlets in Australia should be reflected in improved future profits, he said.

The result was after provision of £14,403 less for depreciation ?t £60.188, £93 less for tax at £50,699 and deduction of minority interests, £lO3B higher at £6427. As announced, dividend is steady at 8 per cent. Three 'tifferent amounts are given in the accounts for the dividend renuirement.

Earning rate on average funds fell from 18.2 to 13.3 ner cent and that on much higher average capital from 40 to 28.7 per cent. Shareholders’ funds rose bv £135 750 to £541.119. including '•anital raised by £98.675 tn £255.675. mainly in the 1 : 2 par issue. Sales in New Zealand were again severely restricted bv imnort control, with 12 aircraft imported and applications for 25 declined, Mr King said. Deliveries in Australia increased from 116 to 160 and could well exceed 250 this year. New general aviation facilities will be erected in Auckland, New Plymouth and Dunedin.