Easyfind firm sold

Press, 12 August 1989, Page 29

Easyfind firm sold

PA Dunedin Radio Otago has bought Christchurch-based Easyfind Planners (S.T.), it says in its annual report. Although no figures are given, the chairman, Mr John Farry, said Easyfind would have cost “several hundred thousand dollars.” Easyfind manufactures a wall calendar which is distributed free to households. It gains its revenue from advertising. In the annual report, Mr Farry said the business was closely aligned with the group’s broadcasting and promotional operations and the investment had proven sound and profitable. He said Radio 4XO in Dunedin and Radio Central in Alexandra both operated successfully in difficult environments. Trading conditions improved significantly for Radio Central since balance date and its profitability lifted accordingly. Dunedin’s 4XO was granted an FM warrant and conversion from AM was well under way. Resort Radio in Queens-

town, which has been operated on a succession of temporary warrants, was granted a warrant to establish a permanent FM station. Foveaux Radio earned an after-tax profit of $167,805 for the year and was poised to perform even better in Invercargill’s improving economic environment. As previously reported, Radio Otago had increased revenue and operating profit for the year to March 31 but recorded a fall in aftertax profit and a loss after writing off goodwill. Revenue was up 5.5 per cent to $5,613,774 ($5,322,032) and operating profit up 8.5% to $773,037 ($712,715). After tax and minority interests, profit fell 28.5% to $505,599 ($706,786). While the company made an extraordinary profit of $857,330 during the year, it decided to write off goodwill in one year rather than three years as planned, and to write down other investments. That resulted in an extraordinary loss of $1,783,235.