‘Press’ profit improves

Press, 22 November 1978, Page 30

‘Press’ profit improves

I The financial result of the i Christchurch Press Company, Ltd. for the six ! months to September 30, ali though an improvement on ,the corresponding period of: last year, failed to match that achieved in the halfi year in 1976, says the chairman (Mr A. A. Macfarlane) ! in the half-yearly report to 1 shareholders. “Sales of advertising ! space are slightly down on I last year, and along with! ■ higher working costs, have been off-set by the effect of! ; increased selling prices and I firm control of costs,” he’ | says. “The company was not! ’adversely affected by the! ■ strike at Tasman Pulp and' ' Paper Company, Ltd, earlier |in the year, although the! i necessity to hold higher

stocks of newsprint has ah sorbed additional capital "Trading for the new paper industry for the r« mainder of the financial yea ' will depend largely upon th I state of the retail trade an unemployment,” Mr Macfat lane says. The audited circulation “The Press” has been mair tained at a figure of i : excess of 76,000 copie daily. ! Sales rose 13 per cent : $4,489,674 in the latest s. ! months, while gross profi I was ahead 14.8 per cent t, $377,139. As reported, group ne j profit rose 17.8 per cent t ($174,263, and a steady inlet im dividend of 5c a share t per cent) was declared b; I the directors. The profit was after pre viding $llBO more for depre ciation. and $21,089 more fo tax at $147,003.