Capital Radio doing better

Press, 28 March 1979, Page 24

Capital Radio doing better

-PA f Wellington f Capital City Radio, Ltd.) [reaffirmed its intention top [pay an interim dividend fori “the current year, and a'< ‘■much-improved profit was ■ ‘ reported by the chairman ; )(Mr C. Gibbs) at the annualli ' i meeting. ! i ') In the first three months|i lof the year, to January 31, a ] I pre-tax profit of $57,800 was i '!earned, and the “benefits of)| the various changes which)' “have taken place are likely 11 ■to show up in the current i “year,” said Mr Gibbs. ■! ) The quarterly-results of I! J the radio station varied, but )’ 'he was confident that the,; '! half-year would show al /great improvement, and thatii ithe prediction of an interim : I [dividend for the current year'< I I would be realised. |i The directors were sure, 'that the decision to allow)

Hauraki Enterprises, Ltd. aj stake in the company wash

the correct one. the two Hauraki nominees, Mr c. 'Bidwill, and Mr M. Freidlanl jder had made good contribu. Itions to the company as directors, said Mr Gibbs. The money from the Hauraki share purchase has been (used to pay off many of the I company liabilities, and generally improve the company's financial position, i Mr Gibbs said the current provision for directors advance accounts (directors [fees which have not been uplifted by directors) was less than at October 31 of $32,050. He thought the provision stood at about $24,000 at the end of February. The directors were exercising restraint in this respect as the liquidity of the' ! company was a priority, but Mr Gibbs expected the accounts would be cleared

by October 31, the next bal< ance date.