Investments boost Avon result

Press, 6 July 1985, Page 21

Investments boost Avon result

Radio Avon, Ltd, the Christchurch private radio broadcaster, increased its unaudited group net equity profit 79.8 per cent to $144,155 in the year to March 31, the company announced yesterday. Included in the profit were equity earnings of $56,136 from three associate companies, Radio Otago, Ltd, Foveaux Radio, Ltd, and Lake Ohau Ski Area, Ltd, but this was offset by writing down the investments in Radio Otago and Lake Ohau Area by $24,859, leaving $31,277 ($10,535 previously). Radio Avon revenue fell 7.1 per cent to $1,612,428, and the net trading profit was ahead 24.4 per cent to

$112,838. The profit was after providing $17,943 more for tax at $87,862, but $535 less for depreciation at $60,330. A . recommended final dividend of 5c a share gives a steady annual rate of 7.5 c a share (30 per cent), payable on July 31. Ohau Ski Area, an associate company of Radio Avon, returned to the black in the year to October 31, earning a total profit of $57,777 compared with a loss of $92,426 in the previous corresponding period. Included in the latest result was the writing off of a regional suspensory loan of $31,500, and if this is excluded the trading profit is $26,277.