Foveaux loss
PA Wellington Foveaux Radio, Ltd, suffered a change in fortunes to record a $161,000 loss ($25,000 profit) in the six months to September 30. No dividend would be paid, Foveaux said in a statement to the Stock Exchange yesterday. Turnover rose 14 per cent to $509,000 ($445,000). There were no extraordinary items, minority interests or provisions for tax. The company suffered from the effects of the falling local economy, and the troubled retail sector, Foveaux said. Intensive efforts by the sales division had raised the gross income but the cost of sales jvas too high to keep up, resulting in the loss. Because of the company’s poor performance the manager and another key executive had been replaced, and the firm reorganised, Foveaux said. The changes had caused a turn-around from loss to profit over the last three months. Provided the change to profitability could be kept up, the loss for the year should be significantly less than the loss for the first six. months.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/CHP19861224.2.84.12
Bibliographic details
Press, 24 December 1986, Page 10
Word Count
166Foveaux loss Press, 24 December 1986, Page 10
Using This Item
Stuff Ltd is the copyright owner for the Press. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Copyright in all Footrot Flats cartoons is owned by Diogenes Designs Ltd. The National Library has been granted permission to digitise these cartoons and make them available online as part of this digitised version of the Press. You can search, browse, and print Footrot Flats cartoons for research and personal study only. Permission must be obtained from Diogenes Designs Ltd for any other use.
Acknowledgements
This newspaper was digitised in partnership with Christchurch City Libraries.
Log in