Group Rentals benefits from new channel

Press, Volume CXV, Issue 33775, 22 February 1975, Page 13

Group Rentals benefits from new channel

The unaudited pre-tax profit of Group Rentals New Zealand, Ltd, for the six months to December 31 was $324,000, the directors say in the half-yearly report.

Investment allowance credits for this period exceeded normal taxation liability so no provision for current" or deferred taxes is necessary. Pre-tax profit for the comparable 1973 period was $318,000, out of which $51,000 was provided for taxation.

The interim dividend of 6£ per cent is payable on March 27, on capital increased by the one-for-five bonus scrip issue on October 10 last year. The company is experiencing an increasing demand from viewers wishing to buy lower priced monochrome sets for use in homes where a colour set is installed, and/ or for their holiday homes. The coming second channel appeared to be the main factor prompting many families to purchase a less expensive additional set to enable varying members of the family to tune into either channel. A new retail outlet just established in Auckland to sell guaranteed ex-rental monochrome sets had proved most successful, the directors say.