R. Avon profit leaps

Press, 2 November 1984, Page 18

R. Avon profit leaps

Radio Avon, Ltd, increased its unaudited total group net profit 82.7 per cent in the six months to September 30, although the directors say that the expected profit from Ohau Ski Area, Ltd, has not been included.

The profit totalled $76,180, and included $19,120 in equity earnings from Foveaux Radio, Ltd, of Invercargill (25 per cent owned), and Radio Otago, Ltd (24 per cent). “The accounts for Ohau Ski Area, Ltd (25 per cent owned) for the year ended October 31 are not yet available and accordingly, a share of the expected profits for that company have not been included in the equity accounting,” they say.

All three associate companies had substantially improved their performances,

all making profits. Advertising sales on Radio Avon 1260, Ltd, in the December quarter were expected to be close to budget, and if budgeted sales were achieved in the final quarter to March 31, the trading result for the final half would be similar to that of the first six months, the directors say.

Revenue was down a marginal $6OOO at $925,513, and expenses dropped 4.7 per cent to $813,947.

The profit was after providing $15,700 more for tax at $50,200, but $2OOO less for depreciation at $27,515. In addition, there was goodwill written off totalling $4300 from the share in Radio Otago. A steady interim dividend of 2.5 c a share (10 per cent) has been declared, payable on December 14, ex dividend on December 6.