FROZEN PRODUCTS DEAL

Press, Volume XCIX, Issue 29251, 8 July 1960, Page 19

FROZEN PRODUCTS DEAL

Wanganui Cold Store Sold (New Zealand Press Association)' WELLINGTON, July 6. Frozen Products, Ltd- Wellington, has accepted an offer by Meat Packers (N.Z.), Ltd. to purchase the cold store at Castlecliff, Wanganui, owned by the Frozen Products subsidiary, Glacier Ice Cream, Ltd. The price of the property and refrigerating plant is 'approximately £lBO,OOO. Subject to consent of the Capital Issues Committee, Meat Packers (N.Z.) will satisfy Frozen Products’ equity of about £150,000 in these assets by the issue of debentures to the value of £lOO,OOO and by an issue of preference shares. After all necessary adjustments, Frozen Products’ capital profit from the sale will be about £lOO,OOO. MT. ISA RECORD YEAR . (NX. Pren Association— Copyrioht) MELBOURNE, July 6; Mount Isa Mines, Ltd., lifted pre production by 409,507 tons, or about 17 per cent., to a record 2,688.086 in the 12 months to June 30.* Copper ore treated rose by 558,483 tons. The mills treated 1,914,656 tons of copper ore and 773,430 tons of silver-lead-zinc ore during the year. The annual production figures show an output of 50,520 tons of lead, 33,659 tons of zinc concentrates and copper content of about 65.000 tons, including 40.475 tons of blister copper. They emphasise the increased concentration on copper production. More than 96,000 tons at copper concentrates were railed for shipment during the year in which major work has proceeded on expansion of the Mount Isa copper smelter. Latest figures for the 32-day period to June 30 show that 72.476 tons at lead ore was treated, compared with 63.787 tons in the previous 28-day period. Federal Hotels Ltd. Lifts Profits (NX. Press Association—CopvrlpM) MELBOURNE, July 7. Federal Hotels, Ltd., owner of a chain of hotels in various Australian capital cities, lifted pretax profit by 23.4 per cent, to £565,373 in the year to June 30. Last year’s pre-tax profit - of £457,964 was trimmed to £286,677 after tax of £171X87. This represented a 40 per cent, gain on the 1957-58 profit of £205.266. Directors say in today’s preliminary report that all units of the company showed increased profits for the year, as well as higher occupancy and greeter food sales. They said they are confident that the pre-bonus rate dividend of 121 per cent, win be maintained.