Burkes interests did well in half-year

Press, 21 December 1977, Page 20

Burkes interests did well in half-year

The turnover at the Bush Inn increased 24.5 per cent in the six months to September 30. Higher liquor prices and longer trading hours contributed to this increase, but the patronage of Paddv’s Grill was a major factor, Burkes Caterers, Ltd, says in the full half-yearly report. Turnover from racecourse catering increased only 3 per cent. Results were adversely affected by counter-attrac-tions, weather, and the prevailing economic difficulties. These factors resulted in the increase of turnover being insufficient to cover rising costs. ■ Last month the company. purchased a 50 per cent interest in the company which owns and operates the Caledonian Hotel, As part of the purchase price, the board allotted 50,000 shares at a premium, and as a result, the issued capital

of Burke's Caterers now; totals $350,000. The Caledonian is being extensively upgraded by the addition of a drive-through-bottle store, a “Cobb & Co” restaurant, and refurbished bars. These improvements will give impetus to the trading of an established and successful suburban hotel in an increasingly high density housing district, the report says. The second half of the trading year is usually more profitable than the first, and profits since the end of: September have been buoy-j ant.

Unless there Is a reversal of the normal trading conditions, the directors expect a continuation of the traditional trend.

As reported the group’s nnaudited equity-accounted net profit rise 14.3 per cent to $78,000 in the six months, compared with the previous corresponding half-year.

Total turnover rose 18.9 per cent to SI.6M.

An interim dividend of 4c a share (8 per cent) has been paid. Last year the interim dividend was at the rate of 6 per cent.