Stereo FM down

Press, 2 July 1985, Page 26

Stereo FM down

PA Wellington The listed radiobroadcaster, Stereo FM, Ltd, has reported a loss for the year to March 31 of $592,000 ($415,000 10 months). In addition, there were extraordinary losses of $7OOO ($152,000), giving a total loss of $599,000 ($567,000). The company said this was consistent with the projections made in the halfyear announcement. Both sales and ratings had improved and significant progress had been made towards achieving the turnaround objective. The company had entered into a film distribution arrangement with the Triple M Broadcasting Company, Pty, Ltd, of Sydney and it

had acquired the New Zealand and Australian rights for the Talking Heads film, “Stop Making Sense.” The film had been released successfully in Auckland and Sydney. Stereo FM said that, as the Broadcasting Tribunal was conducting an inquiry into the ownership of radio stations, the Overseas Investment Commission had declined an application for Triple M to increase to 50 per cent its holding in Cara Everad, Ltd, which beneficially holds 53 per cent of Stereo FM. The OIC had advised that this application would be reconsidered after the tribunal had released its findings. No dividend is recommended.