Company News AUSTRALIAN IRON

Press, Volume XCVII, Issue 28552, 3 April 1958, Page 17

Company News AUSTRALIAN IRON

Profit Increases By £o.7m Australian Iron and Steel. Ltd., the principal subsidary of the Broken Hill Proprietary Company, Ltd., reports an increase of £o.7m in its net tax-paid profit for the year ended November 30. 1957. The profit for the year was £3.9m. after making provision for depreciation and taxation. This compares with a profit of £3.lm in 1956.

Dividends totalling 7J per cent. (£75.000) have been paid on the company’s cumulative preference shares for the year, and the directors recommend an unchanged ordinary dividend of 10 per cent., which will take £ 1.35 m. A transfer to the general reserve will take £lm (£500.000 m 1956) and the sum of £450,000 will be transferred to the appropriation for mining plant and development. Sundry creditors and accrued charges, including provision for taxation, totals £20.56m (£ 17.04 m on November 30, 1956) and loans on mortgage are £lom (£6m) The shareholders’ funds are £25.97m (£23.4m), and the provision for increased cost of plant replacement is £ 5.85 m (£ 3.15 m) Stock on hand, valued at or under cost, is £ 11.74 m (£ 11.29 m). sundry debtors £ 8.59 m (£ 3.95 m) and cash at bank and on hand £3.96m (£2.81m). In* ?stments include shares in associated company £386,497 (same) and Commonwealth government stocks and bonds £B.oBm (£18,067). The fixed assets of the company, including freehold and leasehold, machinery, buildings, quarries and collieries. railways and rolling stock and -plant and improvements total £ 29.62 m (£31.23m).

The directors report a year of progressive improvement in all respects, which is largely ascribed to the substantial capital investment which has taken place over recent years ip the company’s steel works and collieries. Several production records weie established. including 1,221,000 tons of pig iron and 1.306.000 tons of steel ingots, while the output of coal from the company’s South Coast collieries was alsc the highest yet achieved Export sales of the company’s products during the accounting year amounted to £7m.