Transport (N.C.) to alter balance date

Press, 16 August 1980, Page 18

Transport (N.C.) to alter balance date

Transport (North Canter-i bury) Holdings, Ltd, intends to change its balance date from March 31 to September 30, according to the chairman (Mr A. C. Fraser) in the annual report. It had been noticed that many, transport operators had their balance date later than March 31, he said.

“The change should fit in better with seasonal work, and will assist cash flow for the purposes of expenditure on maintenance during the winter months.” The Inland Revenue Department had no objection to the change, provided the first profit, and loss period was for 18 months. The next balance date would be September 30, 1981, and it would be necessary to pay two interim dividends and one final dividend during the extended period, Mr Fraser said. Since the March 31 balance date, the group had bought the shares in Rangiora Freight Services, Ltd, at a price of $321,300. The 14 trucks and eight trailers, together with the buildings, were in good order. On general cartage activities, Mr Fraser said ■ that turnover in this section had increased 18 per cent, and

(that, unless, something 'unjforeseen' arose, indications were that it would achieve a similar result in the 1980-81 year.

During- the year, the purchase of a property on Carlyle Street, Sydenham, opposite the Railway’s goods sheds, was completed, and was now a useful acquisition. At the same time a number of properties in the district did not appear to be of use to the group, and there were plans to sell some of them. ......

Mr Fraser also announced that he intends to retire as the chairman and director of Transport (North Canterbury) Holdings at the annual meeting on September 5.

“It is more than 46 years since I began my association with the president of the company, Mr R. G. Grant, and I have held office as a director or secretary of Transport North Canterbury, Ltd, continuously since its formation on July 17, 1939. The group net profit fell a marginal $1959, or 0.5 per cent, to $428,311, on group income 15.7 per cent higher at $8.4 million. Depreciation rose $128,459 to $757,008, but no tax was payable, compared with

$43,695 previously (including deferred tax of $26,424). Minority interests fell $1250 to $794,000. A recommended final dividend of 9c a share makes a steady annual rate of 14c a share (14 per. cent). The ordinary dividend requires $177,509, and is covered 24 times by the profit after allowing for the preference dividend. Shareholders’ funds rose $1,039,882 to $4,259,564. including $226,500 from the 15 per cent convertible specified preference share issue.