“Truth” Earnings Almost Halved

Press, Volume CVI, Issue 31107, 9 July 1966, Page 18

“Truth” Earnings Almost Halved

(New Zealand Press Association)

WELLINGTON, July 8.

Group net profit of “Truth” (N.Z.) for the year to March 31 last was almost halved, the accounts released today, show. Latest profit, 49.5 per cent lower at £21,530, fails to cover dividend requirements of £35,457 by £13,927.

The 10 per cent ordinary dividend takes £31,252 and the preference payments require £4205.

The chairman, Mr J. H. Dunn, says in the directors’ report that, while the results of the year’s working fell short of the group’s potential, they must be regarded as satisfactory, having regard to the great amount of development and expansion which had taken place, the benefit of which should become apparent in the near future. Latest profit was struck

after providing £25,226 more for depreciation at £66,836 and £5077 less for taxation at £30,635. Special depreciation of £10,684 has not been written off in the company’s accounts but has been taken into account in calculating the latest tax provision. Shareholders’ funds, including paid capital up by £60,000 to £359,394, are £98,464 higher at £527,792. The interest of minority shareholders is listed for the first time at £10,707.