Expanded Press has good half

Press, 8 February 1986, Page 21

Expanded Press has good half

The after-tax trading profit of the Christchurch Press Company, Ltd, for the half-year ended December 31 was up 65 per cent on the corresponding six months of 1984.

This result, which does not include extraordinary items, is increased because the trading profit of the finance subsidiary, Finance and Discounts, Ltd, bought on January 1, 1985, is included in the latest period; and all companies in the group traded at an improved level on 1984.

Total net profit in the latest period, at $1,773,100, is down on the

previous corresponding period ($1,801,700), but only because the company’s Reuters beneficial shareholding contributed $886,000 in 1984. Allowing for this, trading profit is up.

An interim dividend of 5c a share (10 per cent) will be paid on February 25.

The turnover of the group, $19,882,400, was 41 per cent up ($14,027,900 in 1984). Depreciation in the latest period was $502,100 ($391,600). Be-fore-tax profit was $3,276,800 ($1,959,000), and tax was $1,504,200 ($886,600). The company’s news-

paper, “The Press” continued to build on the advertising growth achieved in recent years, the directors say. Finance and Discounts increased its lending on the corresponding half of 1984, “in spite of the high interest rates and the competitive market in which the company operates."

The group’s commercial printing firm, D. N. Adams, Ltd, increased market share, and the directors are confident that the SI.6M web offset press to be installed this year will further lift both vblume and profitability.