Radio Avon back
Radio Avon, Ltd, has swung back into the black, yesterday reporting an audited total net profit of $359,440 in the year to March 31.
This compares with a loss of $267,652 in the previous corresponding period. Both results were after extraordinary Items. An extraordinary profit of $314,604 came from the sale of the station’s network news service and of Its shares in Radio Otago, Ltd, and Foveaux Radio, Ltd. In the previous year there was an extraordinary loss of $102,935 from the sale of shares in the Ohau Ski Area, Ltd. Expenses, at $2,014,419, are 3.9 per cent up on the previous year’s $1,937,356, giving an operating net profit of $44,836, compared with a loss of $164,817 the previous year. No tax is payable. Income, at $2,059,255, is 15.9 per cent up on the previous year’s $1,937,356. The directors say the tum-
Network sale John Fairfax, Ltd, has confirmed the sale of its Channel Seven television network to Christopher Skase’s Brisbanebased Universal Telecasters, Ltd, for sAust7Bo million. Three stations — HSV 7 in Melbourne, ATN 7 in Sydney and BTQ 7 in Brisbane — are included in the deal along with several film and video businesses as well as freehold and leasehold properties in Sydney, Melbourne and Brisbane. lEL note issue Ron Brierley’s Industrial Equity, Ltd, said it is to raise SAustlOO million through a note issue signed in Hong Kong. The three year facility, lEL’s first Australian dollar denominated issue, was arranged by Westpac Banking Corporation for lEL Finance, Ltd, a wholly-owned subsidiary of lEL. A group of international banks have underwritten the issue to sAustso million, lEL said.
around is the result of focusing the company towards regaining the position of being the No. 1 Christchurch radio station.
They expect the station’s audience ratings and profitability to continue improving in the current year. A final dividend of 2.5 c a share (10 per cent) is recommended to shareholders making a total of 7.5 c (30 per cent) for the 1986-87 year. This will be payable on September 1.
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Press, 29 July 1987, Page 39
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341Radio Avon back Press, 29 July 1987, Page 39
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