O.D.T. Earns 5% More In Year

Press, Volume CVI, Issue 31304, 25 February 1967, Page 18

O.D.T. Earns 5% More In Year

(N.Z. Press Association) DUNEDIN, Feb. 24. I spnite of a slight fall in advertising revenue, the Otago Dally Tinies and Witness Newspapers Company, Ltd., Dunedin, increased its profit by 4.8 per cent, or £2160, to £47,028 in the year to January 31. Additional revenue from sales of papers and newsprint savings, contributed to the over-all result, says the chairman (Mr W. H. Masters). He forecasts that in the immediate future Government action to meet the difficult exchange situation will tend to have a dampening effect on advertising. Dividend As announced, the total dividend for the year has been raised from 8 1/3 to 8} per cent. The dividend re-

quirement is up by £1334 to £28,000 and is covered 1.7 times by profit. The earning rate on average shareholders’ funds is up from 9.8 to 10.2 per cent, while the rate on capital is up from 14.0 to 14.7 per cent. The profit rise is after record sales of £991,412, up £74,353 on last year. Newsprint

The price of newsprint has not increased and a new contract, which has been negotiated with the Tasman company for newsprint, has given a stable price for the next three years, says Mr Masters. The latest profit is after providing £7554 more for depreciation at £49,241 and £19,446 more for tax at £45,776. The rise in tax is because of the loss of the benefit of the previous year’s high investment allowance.