Radio Otago ahead

Press, 13 April 1978, Page 20

Radio Otago ahead

Radio Otago, Ltd, has started its current financial year with unaudited profit of $44,000 in the four months to March 3.1, compared with $13,621 in the previous corresponding period. ; The profit after tax would | be $24,000 said the chairIman (Mr J. E. Farry) at the annual meeting. This represents an earning rate of 20 per cent on paidup capital. The year to November 30 was the most successful in the company’s history. All accumulated losses have been absorbed and the net assets of the company are slightly higher than they were at the date of the incorporation of the company, he said. The good result had been achieved because of the low tax the company had to pay and Mr Farry warned shareholders that the company 'would have to perform bet-

| ter this year to achieve thatl (same result. 1 The question of a possible! j take-over of Radio Otago i came under scrutiny at the! i meeting. The company has about: ; 360 shareholders, most of I [whom own Jess than 500 .shares each, he said. i This spread of share-1 : holding would make a take-! over of the company on thei open market difficult. j Any person or company to jown more than 25 per cent of a private radio company required the permission of the Broadcasting Tribunal. Both political parties wanted the private broadcasting

[setup to remain as it was and Mr Farry said this was [in Radio Otago’s favour. I In December 1977, the I company acquired the independent cinemas operated in Green Island and Mosgiel. I Trading results of the cinemas to date have been most satisfactory. I The question of possible [expansion of broadcasting I into Central Otago and i Southland was answered by directors saying that the question was under constant review. However, Radio Otago will not be opposing the application by Radio Avon to broadcast into Oamaru.