‘Press’ 15-month profit $5.4M

Press, 16 August 1985, Page 8

‘Press’ 15-month profit $5.4M

The audited net profit of the Christchurch Press Company, Ltd. and its subsidiaries’ Finance and Discounts, Ltd, and D. N. Adams. Ltd. for the 15month period ended June 30 was $3,123,568. the directors report The result which is before extraordinary items, compares with the’result of $1,267,802 for the 12 months ended March 31 last year. Extraordinary items added $2,306,855 (1984. $246) making profit after extraordinaries $5,430,423 for the 15 months compared with $1,268,048 for the previous year.

The profits were earned on turnover that rose to

$37,440,915 in the period, from $22,289,329, and after a tax provision $1,632,357 higher at $2,656,138. The results reported are for 15 months trading for the Christchurch Press Company, Ltd. and D. N. Adams, Ltd. and six months for Finance and Discounts, Ltd. Revenue includes $383,958 profit on sale of assets, most of which arose from the sale of the company’s old printing press. The result was reached after writing off depreciation of $1,040,000 for the 15month period (1984 year. $788,169). Extraordinary items include dividends from capital reserves paid by NZPA Investments, Ltd.

of $2,303,751. The directors report that all three sections’ of the company are continuing to trade at a satisfactory’ level. The company proposes to pay a final’dividend of 2c a share (4 per cent) from capital reserves. With the inclusion of the special dividend paid in August, 1984. of 6c a share (12 per cent) the total payment for the 15 months is 16c a share (32 per cent). The final dividend will be paid after the annual general meeting which will be held on October 17.

The share register will close on September 27 at 5 pm., and reopen on October 1 at 9 a.m.