First dividend from F. and P.
PA Auckland; F. and P. Dealer Rentals, Ltd. the Auckland-based I television rental company, is; to pay- a maiden dividend of l 5 per cent for the year to' December 31, 1976. Shareholders were told at the annual general meeting on Tuesday that the company ' had earned a net profit of $113,003. sufficient to cover [the payout 2.3 times. Profit :in 1975 was $52,577.
The 1976 result represents 13.2 per cent on average share holders funds. The chairman (Mr J. F. Earnshaw), said that because of depreciation allowances ($433,396) no tax was payable on the years profit.
“Rental activity has been ■ strong in the first quarter of ; the present year, and the company is well placed to; expand its share of the mar- j ket for colour television.” he ( said.
Mr R. H. Bucknell of Auck-i land has filled the board ( vacancy caused by the death I of Mr E. T. Gillett, and the I retiring director Mr J. S. | Stewart, was re-elected.
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Press, 9 April 1977, Page 19
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169First dividend from F. and P. Press, 9 April 1977, Page 19
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