James Aviation aims higher

Press, 16 April 1980, Page 25

James Aviation aims higher

PA Auckland The directors of James Aviation, Ltd, envisage that the current year will show better earnings for the company, according to the chairman (Mr O. G. James) in the annual report. This projection applied provided international events did not upset the availability of aviation fuel and if New Zealand’s primary exports continued.

As reported, the net trading profit rose 38.2 per cent, or $149,240, to $540,268 in the year to October 31. In addition there were capital profits of $96,940 ($90,657 previously). During the year the farming industry remained reasonably buoyant and there was a .strong demand for the company’s fixed-wing aerial work services, he said. Although attempts to

diversify sources of income continued, aerial topdressing again emerged as the main profit-earning activity. Group revenue for the year, including that of the now fully-owned subsidiary Lakeland Motors, Ltd, nearly doubled from $8,876,203 to $16,923,980. The provision for tax was $12,027 down at $22,431, but depreciation $95,678 higher at $469,443. The dividend was held at 12.5 c a share (12.5) on capital increased by a one-for-four bonus issue. It requires $125,000 and is covered by an earning rate on capital up from 39.1 per cent (adjusted for the bonus) to' 54 per cent. i

After the payment of the dividend,, the company retained sufficient tax-free resources to pay a 12.5 per cent dividend for a further 1.8 years, Mr James said.