INL profit jumps 82 per cent

Press, 12 November 1981, Page 21

INL profit jumps 82 per cent

PA Wellington Independent Newspapers, Ltd, (Wellington) boosted net earnings 82 per cent in the first half of the current year and will maintain the 7c a share interim dividend with 3c a share being tax-free. This is being paid on capital increased by the July bonus issue. It will be paid on December 3. The unaudited figures for the six months ended Sep-

tember 30 show net profit before extraordinary items at $2,451,484 ($1,349,213) with tax provision $1,926,681 ($1,000,739) and depreciation $1,039,390 ($883,537). After deducting extraordinary items the net profit was $2,408,442 ($1,251,596) in the corresponding period of 1980. Group sales for the half year totalled $38,306,278, an increase of $6 million, after adjusting for the Manawatu Standard, Ltd, turnover.

The directors say the profit improvement maintains the recent favourable trend in operations, and reflects the improvement in business activity which has prevailed over the period. Because the second half of any year in the publishing industry is seldom as profitable as the first half, it is not likely that the same rate of improvements will be maintained for the full year.

The share capital of the company has been increased by 276,500 shares which have been subscribed for by staff under the provisions of the INL group employee share participation scheme. These shares will participate in the interim dividend.