ANSETT LIFTS PROFIT IN SPITE OF HIGH COSTS

Press, Volume CVII, Issue 31498, 12 October 1967, Page 16

ANSETT LIFTS PROFIT IN SPITE OF HIGH COSTS

(N.Z. Press Association—Copyright)

MELBOURNE, October 11

Ansett Transport Industries, Ltd, reported a consolidated profit of $3,766,919 for the company and its subsidiaries for the year to July 1. This compares with last year’s profit of $3,754,274.

The result was after provision for income tax of

$228,246 ($333,976 last year), depreciation and amortisation of $8,479,372 ($7,821,841) deduction of outside shareholders* interest of $22,867 ($26,687) and deduction for a capital loss of $11,002 ($6180) The directors reported that urlines experienced a cost explosion during the financial 'ear. Salaries and wages rose rapidly throughout the industry and were calculated a year ago to cost $4,200,000 a year. Cox Finance Debenture holders of Cox Finance Corporation, Ltd (receiver and manager appointed) will be repaid 20c in the $1 on October 20. Directors of the Union Fidelity Trustee Company of Australia, trustee for debenture holders, said today that this would be distribution on account of principal. This will make the total distribution since the appointment of receiver and manager in April equivalent to 50c in the $l. Petersville

Petersville Australia Ltd, ice-cream and general food processor, has good prospects

for the coming year, the chairman (Mr Emil Christensen) says in his report with full acounts for the year to June 30.

In the year to June 30 the company’s consolidated profit fell from $1,760,207 to $1,565,478. Mr Christensen comments that the level of profit achieved is an indication that the stability and diversification policy of the company have enabled it to override temporary difficulties.