COMPANY NEWS

Press, Volume LXXXV, Issue 25741, 1 March 1949, Page 6

COMPANY NEWS

IMPERIAL CHEMICAL INDUSTRIES ACCOUNTS FOR THE YEAR Sales of Imperial Chemical Industries of Australia and New Zealand, Ltd., Melbourne, and its subsidiaries reached a total of £10,937,000 for the year ended September 30. The consolidated net profit is £523,690, an increase of £60,666. This result is reached after providing £430,877 for taxation (increase £52,581) and £445,184 for depreciation (increase £173,439), and deducting outside shareholders’ equity of £101,265 (increase £35,125). The parent company’s profit rose bx £24,565 to £452,081. Preference and ordinary dividends of 5 per cent, (unchanged) require £340,000. Reserve and stock revaluation reserve are each increased by The output expanded continuously to meet the demand of new and enlarged markets, the directors report. The most promising factor in the chemical field was the expansion of the Australian and New Zealand paper and pulp industry. It was expected • that imports of soda ash and caustic soda would supplement local production sufficiently during the current year to meet full requirements.’ The company is faced with the largest forward programme of capital extensions that it has ever known. 1.C.1., Ltd., London, is the largest ordinary shareholder, while substantial parcels of ordinary shares are held by some of the large Australian industrial companies. The public is directly interested only in the preference stock. Whittome Stevenson and Co., Ltd.—This company has declared an interim dividend of 2J per cent, (against 3 per cent, last year), payable March I—ex dividend February 24.—(P.5.5.) Bank of Australasia.—The directors announce a final dividend of 6s 6d a share less tax, making a total of 9s, the same as last year. Net profit, after deduction of taxation, is £271,032 sterling, compared with £243,588 last year.—(P.A.) Mackintosh Caley.—The net profit of Mackintosh. Caley, Phoenix. Ltd., of Dunedin. was £21.944 in the year ended December 31, 1948, and a balance of £22,260 is available for distribution. The directors recommend a dividend of 7 per cent, for the year on paid capital of £162,500. The outlook for 1949 is viewed confidently in spite of the appearance of more competition in the confectionery business. New Issue by-Myttons.—Myttons, Ltd., a Melbourne metal manufacturing firm, is making a new issue of 25.000 £1 ordinary shares at par on the basis of one for five. Shares will rank for dividend from January 1, 1949.