H.B. Motors profit up
(N.Z. Press Association)
WELLINGTON, Feb. 24.
Hawke’s Bay Motor Company, Ltd’s, trading results for the first six months of the financial year were satisfactory in spite of substantial increases in operating costs the directors said in their interim report. Revenue had continued to improve, and net profit was about 10 per cent higher than for the same period last year. In November the company acquired all the share capital of Kowhai Scenic Coach Tours, Ltd, and Pahiatua Passenger Services, Ltd.
Part of the consideration was the issue of 45,000 ordinary shares at a premium, and both companies are now operating within the group. Indications are for a year of improved profitability which should result in adequate cover for a dividend on ordinary shares—not less than that declared last year, the report said.
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Bibliographic details
Press, Volume CXI, Issue 32540, 25 February 1971, Page 17
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136H.B. Motors profit up Press, Volume CXI, Issue 32540, 25 February 1971, Page 17
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