Tress’ improves earnings

Press, 11 May 1984, Page 9

Tress’ improves earnings

The Christchurch Press Company, Ltd, has reported an increase in pre-tax earnings of $350,026 for 1983-84, an increase of 17.9 per cent on the previous year. Because the company’s tax rate has returned to 45c in $l, in the absence of the investment allowances claimed in 1983, earnings after tax show an increase of $29,144 (2.4 per cent), to ■ $1,267,802. “Significant increases in demand for advertising, coupled with a greater share of the advertising market, resulted in the improved trading during the second half of the year,” says the directors’ report to the Stock Exchange. They recommend a final dividend of 5.5 c a share (11 per cent), bringing the total payment i for the year to B.oc a share .(16 per cent). The last dividend was 13 per cent. “The decision to increase the dividend relates to the satisfactory progress the company made in reducing the offshore loan raised in 1982 to finance the new press. “This programme entailed considerable restraint in dividend payments,” says' the report. The report records 1984 turnover of $22,270,699 ($20,202,533 in 1983); depreciation, $769,539 ($492,240); earnings before • tax, $2,301,583 ($1,951,327); tax, $1,033,781 (712,669); earnings after tax, $1,267,802 ($1,238,658). The share register will close on June 29, at 5 p.m. and re-open on July 2, at 9 a.m. The dividend will be payable on July 13.