Avon profit falls 37.6 per cent

Press, 5 July 1983, Page 30

Avon profit falls 37.6 per cent

The total group net profit of Radio Avon, Ltd, the Christchurch private radio broadcaster, fell 37.6 per cent to $82,256, in the year to March 31, a company report released yesterday shows. Extraordinary losses, included in the final result, totalled $51,355 ($38,816 previously), from the net loss on equity accounting from associated companies. A breakdown shows that Avon’s share of losses in

Foveaux Radio, Ltd, was $19,974, and $8063 for Ohau Ski Area, Ltd. In addition, there was a net write-down of $7497 in the value of the shares in Radio Otago, Ltd, after allowing for $llO3 as a share of retained profits in that company. The net trading profit fell 28.2 per cent to $86,889, on revenue down 2.7 per cent at $1,671,586, and was after providing $5027 more for depreciation at $60,865, but $34,012 less for tax at $64,754.

Expenditure rose 1.2 per cent to $1,459,078. The directors said that sales for the first quarter of the new financial year were in line with budget, and that they were confident of showing an improved annual result. A recommended final dividend of 3.75 c a share cuts the annual rate from 10c to 8.75 c a share (35 per cent). The dividend is payable on August 5, ex dividend on July 26.