Loss for Pacific

Press, 7 December 1981, Page 16

Loss for Pacific

PA Auckland Radio Pacific, Ltd, needs the $148,750 that its present one-for-four cash issue will raise to offset losses incurred in the early part of the current financial year, to protect it against any future credit restrictions, and to provide funds to advertise its new radio programming, according to a prospectus. It was inevitable that the company would face a further loss in the Current year to March, 1982, the prospectus issued for the purposes of raising funds said. For the first six months of the latest year the company

had a trading operating loss of about $150,000. “To return to profit for the complete year we would 'need an average net profit of at least $25,000 a month for the current six months. “And your directors consider it unrealistic to expect profits apywhere near this magnitude in the remainder of the year." The directors said that with the company's initial planned set-up losses, losses of $187,000 in the first two years of broadcasting, and its expected losses this year, it was unrealistic to predict a dividend payment for 198283, although a profit was expected.