Interest boosts V’hire

Press, 9 May 1985, Page 30

Interest boosts V’hire

PA Auckland Higher interest rates, especially in the second half of the year, held Visionhire Holdings, Ltd, to an audited tax-paid profit to $1,916,000 in the March 31 year. Profit in the 1984 financial year was $1,769,000. Directors said the profit before interest in the latest year was up 18.4 per cent, but that had been adversely affected by the high level of interest rates in the second half. The amount of interest paid by the company was not specified in yesterday’s profit announcement. The profit, after providing $1,503,000 for tax, was up from $1,392,000. Extraordinary items had a net cost of SIM (last year nil).

There were no minority interests. Depreciation was $4,903,000 ($3,898,000). Earning rate on average shareholders’ funds was 25.4 per cent, compared with 26.6 per cent.

Directors said the colour television market had been static, but the company was increasing its share of the video market. The company is expanding into the retail sector with a marketing strategy which builds on the company’s strength in home entertainment.

An unchanged final dividend of 5c a share (10 per cent) is recommended, payable on July 1, ex June 13. That will make a total dividend for the year of 10c a share (20 per cent).