Tress’ 82,600 copies daily

Press, 2 July 1983, Page 24

Tress’ 82,600 copies daily

The increase in the circulation of “The Press” on last year’s figure was particularly pleasing in a time of little population growth and a static economy, said the chairman of the Christchurch Press Company, Ltd, Mr D. C. Gould, in the annual report. The audit for the Audit Bureau of Circulation completed in June, 1983, confirmed that the circulation of “The Press” was now 82,600 copies a day, an increase of 2400 on last year’s figure. The slight fall in pre-tax earnings (down $4170 to $1,951,327) was substantially caused by the company’s inability to recover some of the cost increases incurred in the period before and during the freeze, he said. Although classified advertising rates were raised in January, 1982, the display advertising prices had remained static since July, 1981. Wages and salaries, and related costs, rose 7.1 per cent, and accounted for 40 per cent of the turnover (42 per cent previously). Materials and productions charges rose 17.3 per cent and absorbed 24.2 per cent of the turnover (23.2 per cent), mainly because of the increase in newsprint costs and use. News distribution and other costs rose 17.3 per cent, taking 20.4 per cent of turnover (19.6 per cent), the increase mainly being attributable to distribution costs. A premium of $153,469 was received on the final

payment of the December, 1981, cash issue, and credited to the share premium account. Shareholders' approval was being sought at the annual meeting for the amount to be distributed tax-free. "The company now has a production plant equal to the best in the world” after the installation of the new Goss Metroliner printing press in March, Mr Gould said. The group net profit rose 16.2 per cent to $1,246,422 in the year to March 31, including extraordinary profits of $7764 ($1195). Turnover increased 12.5 per cent to $20.2 million. A recommended final dividend of 4c a share gives an annual rate of 6.5 c a share (13 per cent) compared with 6.25 c a share previously. The annual dividend rate, the maximum permitted under the freeze regulations, requires $365,768, and it is covered 3.4 times by the profit. Shareholders’ funds increased $1,514,336 to $8,628,906, including ordinary capital up $665,032 to $2,813,594 after the one-for-four bonus issue in April, 1982, and the final call of 50c on the one-for-10 cash issue. The profit is after providing $76,248 more for depreciation at $492,240, but $171,313 less for tax at $712,669. Working capital fell $473,251 to $204,252, and the current ratio eased from 1.2 to 1.1 to one.