A.M.I. TURNOVER £22 MILLION

Press, Volume XCIX, Issue 29384, 10 December 1960, Page 11

A.M.I. TURNOVER £22 MILLION

£4m Rise Last Year

Australian Motor Industries, Ltd., manufacturers and assemblers of Standard, Triumph, and Mercedes vehicles, and Fiat tractor distributor, Melbourne, increased sales turnover by £4m to £21.7m for the year ended June 30, directors’ annual report says.

The company’s interest in Australian Motor Finance. Pty. Ltd., will make a substantial contribution to future profits, the report says. At balance date this subsidiary, which provides hirepurchase facilities in conjunction with Lombard Australia, Ltd., had £3.5m outstanding on hirepurchase contracts. Because of the Commonwealth Government’s action in increasing interest rates, directors have lifted rates offered by A.M.I. to shareholders for deposits. The rates now range from 4| per cent, for deposits on call to 6 per cent, for deposits for 12 months.

Paccal Now Profitable

Petroleum and Chemical Corporation (Australia), Ltd., now a wholly owned subsidiary of Petrochemical Holdings, Ltd., has been operating profitably since June 30. The directors of Petrochemical state this in their annual report. They expect the improved performance to continue. ■ A reduced loss of £1917 was incurred for the year ended June 30, after depreciation £lOO,OOO. Sales for the year maintained at about the same volume as the previous year, say directors. The group’s Udex plant for making pure benzene, toluene and xylene, to be operated by Commercial Solvents Pty. Ltd., should be operating during March, 1961.

A start is expected in the same months of styrene monomer production from the plant of Australian Petrochemicals Pty. Ltd., 45 per cent, owned by Petrochemical Holdings and 55 per cent, by Monsanto Chemical, U.S.A.