TNL up to budget expectations

Press, 27 February 1981, Page 8

TNL up to budget expectations

TNL Group, Ltd, the Nel-son-based nationwide tourist and transportation group, is living up to the prediction, made in the '-eport for the first quarter, of higher earnings this year. The unaudited accounts for the six months ended December 31 show that profit increased 33 per cent to $1,828,000, the chairman (Mr P. W. Grayburn) says in an interim report. In addition, extrao’dinary profits of $339,000 (last year $868,000) were made during the half year. The results include the estimated share of profits of associated companies Fruit-

growers Chemical. Co. Ltd., was included last year but was sold in June, 1980. Total assets and sha-e--holders’ funds now stand at $68.1M and $32.1M respectively. Net tangible asset backing an ordinary 50c share is 123 c.

Mr Grayburn says that the contribution for the six months from the “Newman” subsidiaries in tourism and road passenger transport has been excellent. Prospects for the remainder of the financial year, which includes the busier summer season, are most promising — provided that the current industrial disruption is not prolonged. Horticultural

tural developments are pro-' ceeding to budget estimates with revenue beginning to accrue as earlier developr.—..J reach maturity. Freighting, minerals and other, major divisions are trading profitably but are more affected by the general state of the national economy which is predicted to improve later in 1981. The directors have c’ rlared an interim ordinary dividend of 3.5 c a share (7 per cent unchanged from last year) payable on June, 10; this dividend, paid from share premium reserve, will be free of tax in the hands of shareholders.