Mount Hutt to pay maiden div.

Press, 14 June 1978, Page 25

Mount Hutt to pay maiden div.

The directors of Mount Hutt Ski and Alpine Tourist Company, Ltd, have announced the company will pay its maiden dividend this year.

The company began running the Mount Hutt ski-field in 1973 with an “official” opening during the 1974 season. Earnings from the operation of the field during the intervening years have been retained for field development and the company now has more than $1 million invested in the field and its facilities.

Releasing an interim report on the company’s performance for the year to January 31 at a meeting in Christchurch last night, the directors announced that total revenue for the year had increased 27 per cent to $713,562 ($563,742 last year) and that profit for the year was $88,237 ($16,298 last year). They will recommend a dividend payment of 6 per cent (6c a share) to shareholders at the annual general meeting, in Ashburton on July 13. The directors said that 1977 was a particularly good season. A 24.5 per cent increase in running costs was offset by the field’s longest season yet. "While the annual general meeting is timed for later in the year than is normally the case, it is being held after the start of the current season to enable directors to report on the trend to that time and to give the 1300 Canterbury shareholders a prior opportunity to visit the field to see the new equipment and facilities in operation,” the directors said.