Cooks Wines expects to break even

Press, Volume CXII, Issue 33034, 29 September 1972, Page 12

Cooks Wines expects to break even

(New Zealand Press Association)

AUCKLAND, September 27.

Cooks New Zealand Wine Company, Ltd, will begin to generate income in the fifth month of the current year and should come close to breaking even for the full year, the chairman (Dr C. J. Fernyhough), says in the annual report for the year to June 30.

All expenditure and results to date are in line with the original budgets and the directors see no reason to depart from their original forecasts, he says.

Total expenditure for the year was $392,334, of which $226,717 was provided by shareholders.

A $lOO,OOO mortgage was obtained from the Perpetual Trustees Estate and Agency Company, and a $200,000 advance from the Development Finance Corporation. These will largely replace the temporary bank finance. The directors decided that all vineyards expenditure

after October 1, 1971, would be regarded as an expense item and not capitalised. This, together with winery operating expenses, resulted in a loss of $53,041, which is in line with the budget. Shareholders* funds are $379,399. Issued capital is $432,440.

Rights market

Last Buy Sell Sale Odlin . 31 33 32 D. Wallace . 27 — — 33 Gen. Finance — 95 —— N.Z. Forest . 109 111 110 N.A.F. .. —— - 85 Waitaki — — ——