Difficult year for Bridgevale group

Press, Volume CXII, Issue 33049, 17 October 1972, Page 21

Difficult year for Bridgevale group

The trading results of Bridgevale Consolidated, Ltd, Westport diversified transport, coal, and motor trading group, for the year to March 31 had been disappointing, said the chairman (Mr T. M. Scandon) in the directors’ report with the annual accounts.

The motor and mining divisions had been profitable, he said, but the results of the transport division had given the directors great concern. The serious losses in this division stemmed from a significant reduction in the demand for transport services in the Buller district, and large increases in all costs. The coalmining division was profitable with output

maintained at the previous year’s level. The motor division was affected by increased new car imports, which depressed the used car market. It traded profitably, but not up to the previous year’s level. The year’s loss of $13,768 —which compares with a profit of $40,823 the previous year—was reached after providing $lBB2 more for depreciation at $71,649. Total revenue for the year was 1.4 per cent lower, and group expenditure 3.7 per cent more, leaving a loss of $9156, increased to $13,768 by the payroll tax of $4612. As already announced, the dividend has been passed. The group’s liquidity improved considerably, with the working capital deficit reduced from $71,147 to $7394. Shareholders’ funds were almost unchanged at $345,095. The asset backing of the 50c shares falls from 77c to 74c.