James Aviation profit $397,000

Press, 22 July 1976, Page 18

James Aviation profit $397,000

James Aviation, Ltd, earned an unaudited profit of $397,000 for the six months, to April 30. compared to a( loss of $17,606 for the previ-1 ous corresponding half-year.' The loss for the full year, was $54,126. To meet the N.Z. Society; of Accountants’ requirements : the system of charging depreciation has been amended iso that it is calculated in reflation to revalued assets. This increase resulted in an

increase in the provision for depreciation of $24,000. For the first time equity accounting has been adopted. ( and $27,486. being a share of ‘the profits of companies in (which minority interests are ;held. is included in the group (profit. Government policies on • fertilisation subsidies to farl Inters could effect the results ■(for the balance of the yean .(but under normal conditions dthe majority of the compan-

ies profits are earned in the first six months of the year. On the basis of no alteration in fertiliser subsidies the profit for the second six months will be substantially I less than that reported for ;the first six months. As a result of increased farm prices and the continuation of Government fertiliser subsidies to farmers, the companies sendees were in greater demand than last (year, and this assisted the [company to obtain better ■ utilisation of its plant and equipment. The directors plan to split the payment of annual dividend into an interim and final dividend payment. They will consider in October the payment of an interim dividend. Subject to satisfactory results. an interim dividend of ;61 per cent (6.25 c a share) [will be paid in November. A dividend of 6.25 c a share |Was paid for the previous full [financial year. I Min. Res. calls 3c i The directors of Mineral Resources N.Z., Ltd, advise that by a resolution passed on July’ 8, a call of 3c a share will be made on the 10c paid contributing shares. The call !is due and payable by September 30 by shareholders registered on July 27. An interest rate of 8.5 per cent will be paid up to September 30. 1976. on calls paid in advance. The shares are quoted [call paid September 16.