N. Z. News raises dividend

Press, 30 May 1981, Page 19

N. Z. News raises dividend

The audited group net profit of N.Z. News, Ltd, rose 8.2 ■ per cent to $3,084,000 in the year ended March 31, 1981, the directors announced. Group turnover was $68.155.000, 16.9 per cent higher than last year's figure of $58,323,000.

Tax provision is $2,033,000 (39%) compared with $1,868,000 (39%) last year. Depreciation this year was $2,132,000 compared with $1,857,000 last year. The return on average shareholders’ funds was 11.8 per cent (12.1 per cent last year). The results are after allowing for abnormal expenditure totalling $577,000 com-

pared with $638,000 last year. The directors are recommending a final dividend of 12c a share which, together with the interim dividend of 8c per share, makes a total for the year of 20c (last year 18c). The final dividend is payable on July 23.

me oecision io increase the final dividend reflects the sound financial position of the company, the directors said. The results for the second half of the year were considerably better than for the first ’ six months when a decline of 15 per cent in taxpaid profit was recorded. Cash flow is strong and

budget forecasts for the present financial year are encouraging, they say. Most divisions and subsidiaries reported record profits but over-all profitability was eroded by the substantial losses incurred in publishing a special Dunedin edition of the Christchurch Star (terminated on September 7) and also by the write-down in the book value of stock held on the company’s deer farm. The Oamaru Mail Company. Ltd, was acquired during the year and its worthwhile profits were included for the last seven months, from September 1.