Indep. News earns $l.2m in first full year

Press, Volume CXIII, Issue 33252, 15 June 1973, Page 15

Indep. News earns $l.2m in first full year

! i.Xnr Zeala/id Press- Association' e j WELLINGTON, .lune 1 I. s Subject to audit, the Wellington-based Independent Newspapers, r Ltd. made a net profit of $1,176,682 for the year to March 11 and is to L make a two-for-five bonus issue to shareholders. A final dividend of 71 per cent (tax free) is recommended, making 121 per cent for the year.

The dividend paid for the six months to March last : year was at the rate of 12 per cent. The final dividend wil require $404,385 and the ’total for the year will' amount to $673,975. The previous year’s figures s are hardly relevant, for the result includes Blundell r Bros, Ltd, figures for eleven i. months. The group operating n profit after taxation for the v six months to March 31 last • year was $321,944, which did, not include any results from' ‘ Blundell Bros. Paid up capital of the com-' s pany at balance date was ’’ $5,391,807. . r ; The two-for-five bonus issue '’ will be fully paid for with e $2,156,723 from the share premium reserve account, i g and consequently will be free, d;of income tax in shareI-; holders’ funds. The new| n shares will not rank for the final dividend.

i The directors say that sub- : ject to there being no unI foreseen circumstances, they I expect to be able to reeom- ; mend in future a total annual ’ dividend of not less than 10 per cent on the higher i capital. I It is proposed that the I I dividend recommended on

ordinary shares be paid on August 9 to shareholders ■entitled thereto and regisitered in the company’s books lat 5 p.m. on July 20, and ’that the bonus issue of shares be made to shareholders entitled thereto and ;registered in the company’s books at noon on August 9.