Foveaux profit
PA Invercargill Southland’s only private radio station, Foveaux Radio, Ltd, yesterday reported a profit of $93,000 for the six months ended September 30, 1987. This compares with a loss of $161,000 in the corresponding period last year. There was no provision for tax in either period. No dividend will be paid.
The unaudited interim profit was earned on a turnover increase of 24 per cent to $633,000 ($509,000), after making provision of $24,700 ($27,000) for depreciation. Chairman, Tim Jenkins, said that 12 months ago trading conditions were
difficult and the company was performing poorly. Because of this the company had been restructured.
A new management team was appointed and Radio Otago acquired a 42.7 per cent stake in the company. The measures had resulted in rapid turnaround and the company achieved a $56,000 trading profit for the six months to March 31, Mr Jenkins said.
Though times were still difficult in Southland and trading conditions could by no means be described as buoyant, the directors were confident the company’s position would continue to improve.
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Press, 17 October 1987, Page 24
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176Foveaux profit Press, 17 October 1987, Page 24
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