Rex Av. Profit Drop

Press, Volume CVII, Issue 31521, 8 November 1967, Page 29

Rex Av. Profit Drop

(N.Z. Press Association) AUCKLAND, Nov. 7. The consolidated net profit of Rex Aviation (N.Z.) Ltd, plunged $83,924, or 66.5 per cent to $42,340 in the year to June 30, the company announced in a statement explaining why the final dividend was passed, after payment of an interim raised from 3 to 4 per cent and the forecast of an Increase in the total from 8 to 9 per cent

I The major Influence in the decision was the drastic drop in topdressing operations, which also affected the sale I of aircraft There was also some loss of revenue because of the move to new premises in Auckland, Dunedin and New Plymouth. The statement disclosed that tax-paid profit of the Australian subsidiary rose $33,725, or 29.5 per cent, to $148,000. This meant that company must have suffered a heavy loss in New Zealand. The directors are confident that the new facilities will provide a more efficient service. To offset the fluctuations of the topdressing activities, the company has, as announced, acquired the Auckland Flying School and an interest in Sky Travel (N.Z.) Ltd, which will link North Island centres with major N.A.C. routes.