Midland made very good start

Press, 3 April 1980, Page 8

Midland made very good start

Midland Coachlines, Ltd, has reported a 20 per cent rise in group revenue to $7.3 million in the six months to December 31. Pre-tax profit in the half year, excluding equity interests in associated companies, has also risen strongly from $7400 to $55,400. However, the directors emphasise that because of the seasonal nature of the tourist industry, there is little relationship between the financial results for the half-year and those for the full year. This also creates distortions in the taxation liability, and the directors consider that profit before taxation gives the clearest indication of the financial progress of the business.

In the last full year the group’s revenue was . $14.3 million and a pre-tax profit of $854,000 was earned. Present indications are that the profit .for the 197980 year will be an improvement on that. recorded last year, the directors say. ;

The directors have declared an increased interim, dividend of 6. per cent, tax free (1979 5 per cent).