R. Hauraki trades ‘quite comfortably’
PA Auckland Radio Hauraki, now a subsidiary of Brierley Investments, Ltd, “traded quite comfortably” in the first quarter of the present financial year, the chairman, Mr D.H. McDonald, told the annual meeting in Auckland yesterday. “The result at year’s end should be satisfying,” he said.
Mr McDonald, four fellow directors, and a company secretary, faced seven shareholders. Mr McDonald said the directors were confident that the present level of activity would be maintained.
The company might change its balance date to June 30 next year, he said, and this would mean a 15month accounting period. It would also bring the Hauraki balance date into line with that of Brierley Investments, Ltd.
The company intended to move into FM, he said, but the timing of the move was being carefully assessed.
In response to a question about an increase in auditors’ fees (from $6400 in 1983 to $10,500 in 1984), Mr McDonald said that although the directors had agreed to pay the amount, it was thought to be a little high. A shareholder also asked why the auditors, Lawrence Anderson Buddle, had qualified, their report in respect of equity-accounted earnings arising from the Hauraki shareholding in Radio i. Mr McDonald explained that the qualification was a technical point. “The academics will argue about it for years,” he said. “The simple fact is that, of all the alternatives available to bring the equity accounting into line, we chose the one which in our judgment stated the true position clearly and openly. It is a correct presentation, properly disclosed.”
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Press, 7 September 1984, Page 8
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261R. Hauraki trades ‘quite comfortably’ Press, 7 September 1984, Page 8
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