Hauraki expects profit increase

Press, 16 August 1976, Page 11

Hauraki expects profit increase

PA Auckland Radio Hauraki, Ltd, expects a worthwhile improvement in profit in the current year because of returning stability in the advertising industry, says the chairman (Mr P. .1. Dew) in his annual review. In the past year the com-; pany suffered a decline in; advertising, he says. I Hauraki was able to an-1 I ticipate and minimise the j i downturn by reducing oper-j ating costs. As announced, group net i profit fell 6.6 per cent to I $29,699 in the year to March 31. Since balance date, the company’s building site in Parnell, which was bought in 1973, has been sold for $60,000 giving a capital profit of $24,315, Mr Dew says. Earlier intentions were to build an office block on the site capable of housing the radio activities. The profit was after providing $3475 less for depreciation at $22,829, and $4654 less for taxation at $22,878. Changes in accounting policies increased net profit 54445. I The steady dividend of 10c la share (10 per cent) requires

I $30,970. Capital reserves will be the source of 3 per cent of the final dividend. Earning rate on ordinary capital falls from 10.3 per ; cent to 9.6 per cent while that on average shareholders’ funds is down from 9.4 per cent to 8.3 per cent. ; Shareholders’ funds are 153640 higher at $357,527. including steadv ordinary capiItal of $309,700.