Sthn Cross div. and profit up

Press, Volume CXI, Issue 32635, 17 June 1971, Page 9

Sthn Cross div. and profit up

(New Zealand Press Association!

DUNEDIN, June 16.

The Southern Cross Hotel (Dunedin), Ltd, will pay a 6 per cent dividend'—the first since the company’s inception in 1967. The net. profit increased $45,095, or 167 per cent, to $72,000 in the year to March 31, the directors said in a preliminary report

The 6 per cent dividend will require $21,379 and will be recommended for approval at the annual meeting on August 17.

The chairman (Mr E. C. S. Falconer) said that he was

sure shareholders would be pleased that a satisfactory profit for the year had been achieved.

The hotel represented an investment of well in excess of $1 million, and the profit was moderate in relation to this significant sum, Mr Falconer said.

No tax is payable this year because of accumulated losses. The profit of $72,000 would be reduced by about half if normal tax was payable. “The results achieved have vindicated the vision and judgment of the original group who were responsible for promoting the company and of the many Dunedin companies, and individuals who supported them,” Mr Falconer said.