Enlarged Freightways more profitable

Press, 2 September 1977, Page 10

Enlarged Freightways more profitable

PA Auckland Freightways Express, Ltd, increased audited net profit before extia-ordinary items 73.0 per cent to $3,040,00(1 in the year io June 30. The profit includes the equity share ot associated companies of $50,000. compared with $13,000 in the previous year. in addition, extraordinary profits of $161,000 (197 f 530.000 loss) have been

brought to account made up of capital profits of $172,000 tt976 $87,000) and net aoverse provision of exchange fluctuation of $ll,OOO (1976 $117,000). The year s results benefited from a full year’s profits, from subsidiaries acquired! towards the end of the 1976 vear. Taxation provided was, $2,333,000 against $1,399,000 in 1976. Group revenue increased i 41 per cent to 577.4. M. The total net profit (in-! eluding extraordinary items)! represents 3.9 per cent on' gross revenue (1976 3.1 per! cent) and gives a return of’ 23.6 per cent (1976 17.0 per cent) on average shareholders’ funds. Total shareholders funds

were increased 54.6. M to) $17,025,000, including paid up ordinary capital of $6,865,000, and specified) preference capital of $2,289,000. An interim dividend of 4c i a share (8 per cent) was; paid in April 1977, of which! 1.5 c was from the share pre-; mium account. The directors; recommend a final distribution of 4c a share which will be paid in full i from the share premium [account. The year’s total distribution of 8c a share (16 !per cent) of which 6.5 c a [share is tax-free in ishareholders hands, is being) paid on capital increased by the l-for-3 bonus issue in May 1976, and is equivalent I. Ito 10.6 c a share (21 1/3 per! I cent) on ‘he pre-bonus capital. |( The annual meeting will|j be held in Wellington on! November 18. and the final!' dividend will be paid on No-! ! vember 23. '< Group results for the year It [snow a continuation of the;, [improvement reported at the!, [half-year, and all divisions ! ! have made a satisfactory [' [contribution to the group re-) (suit, the report says. !l