INL profit up 40 p.c.

Press, 4 June 1982, Page 19

INL profit up 40 p.c.

PA Wellington Independent Newspapers, Ltd, (INL) increased net operating profit 68 per cent to a record $4,594,000 for the year ended March 31, the directors announced. Last year’s profit was $2,742,000 and provision has been made for tax at current rates of $3,582,000 ($2,002,000 last year) and depreciation of $2,283,000, ($2,017,000). The directors have recommended a final dividend of 11c a share (11 per cent), of which one cent will be from tax-free sources, making a total of 18c (18 per cent) for

the year. The total distribution for the year is an increase of 20 per cent over the 15c (15 per cent) paid for the previous year. After the addition of extraordinary items of $61,000 ($582,000) the tax-paid profit for the year was $4,655,000, an increase of 40.0 per cent. There has been no inclusion of equity profits in associated companies, which include a 24.5 per cent interest in Autocrat Sanyo Holdings (N.Z.), Ltd. In making the announcement, INL’s chairman (Mr F. H. Kember) said: “Sales for

the year totalled $78,425,000. The increase of $14,361,000, or 22 per cent over the previous year, included revenue from increased volumes as well as increases in prices.” The operating profit of $4,594,000 is a record for the company and restores profits to an acceptable level, being a return of 16.3 per cent on year-end shareholders’ funds, Mr Kember says. The recommended dividend will be paid on August 5 and the annual general meeting will be held on August 5.