TNL profit up in first 9 months

Press, 25 May 1984, Page 8

TNL profit up in first 9 months

PA Nelson The TNL Group, Ltd, of Nelson, has announced a 30 per cent lift in profit for the first nine months of the financial year. The group's unaudited accounts to March 31 report a net aftertax profit of 57.844 M. This compares with 56.030 M for the corresponding period a year earlier. In addition, extraordinary profits of 5320,000 were earned, compared with 51.826 M in the corresponding three-quarters of the 1982-83 year. The group chairman, Mr Peter Grayburn, of Auckland, said that the results included the estimated share of profits of associated companies such as L and M Mining, Ltd.

Revenue amounted to $94.3M, compared with $86.2M last year. The provision for tax was $1,888,000 ($570,000).

The current ratio at March 31 was 1.0, compared with 1.2 a year earlier. Shareholders’ equity was 48.4 per cent (52.4 per cent). Total assets and shareholders’ funds now stand at $107.9M and $52.2M respectively. Net tangible asset backing per ordinary 50c share is 167 c.

“The tourist activities of the group (Newmans and Hrizon Coach Tours, “motor-homes,” and rental cars) operated at full capacity over the summer months and have recorded major profit increases,” Mr Gravburn said.

“Growing awareness of the benefits of the visitor industry to the New Zealand economy has resulted in intensified planning by the Government and the industry.

“Your directors fully support the initiatives of the tourism council for en-

hanced service, development and promotion,” said Mr Grayburn. The export, freighting and mineral divisions were experiencing good trading conditions. the delicensing of the transport industry and the heavy increase in roaduser charges provided the freighting division with major challenges, which were “being met in a positive manner.”

It was expected that the annual trading profit would increase in line with the nine-months results, Mr Grayburn said.