R.M. CONCRETE HALF-YEAR

Press, Volume CI, Issue 29792, 7 April 1962, Page 16

R.M. CONCRETE HALF-YEAR

Group Net Profit Up 90 p.c.

Net profit of the Ready Mixed Concrete, Ltd. group of companies increased 90 per cent, in the half-year ended December 31. com pared with the corresponding period of 1960. directors report, but the actual amount is not given.

Over the same period average capital employed rose from £3.227.000 to £8.156,000.

Earning rate on capital thus appears to have fallen below the 22.9 per cent, recorded in 1961, when consolidated net profit was shown at £1.196.985. Interim dividend is steady at 6] per cent., maintaining last year ’s 121 per cent, rate Results of the latest period include the profit of Australian Blue Metal, Ltd. which was acquired after December 31, 1960.

Chevron Needs More Proxies (N.Z.P. A.-Reuter—Copyright) MELBOURNE, April 6. Directors of Chevron Sydney, Ltd., claimed last night that they held proxies totalling more than 37H> per cent.—compared with the 75 per cent, majority vote needed to enable an extension of the time for debenture interest payment until July 31. The critical meeting to determine whether or not the extension will be granted will be held next Monday. The company cannot meet interest, now overdue, on £2.6 million of debentures This includes £2 million issued to the public, the interest on which was due on January 31. bu- which was postponed for 60 days, and £600.000 hetd by hotel subcontractors and supplies due on March 31.

Business Personal Mr A. W. Mackney, chief chemist and general manager of the Penrose activities of New Zealand Forest Products. Ltd., has been appointed director of production for all the pulp, paper and kindred aerations of the company. He will continue as technical director and as controller of laboratory work. Mr J T. Christiansen becomes chief project manager for all new pulp, papermaking and cardboard operations. In this capacity he will; be responsible for all the mill; establishments called for by I the schemes. i