COMMONWEALTH IND. GASES

Press, Volume CIII, Issue 30338, 14 January 1964, Page 15

COMMONWEALTH IND. GASES

Another Rise In Turn-over (N.Z. Press Assn. —Copyright) MELBOURNE, January 13. Commonwealth Industrial Gases, Ltd., which lifted sates 6.5 per cent to £ 14.2 m in the year to September 28, has achieved a further increase in turn-over in the first quarter of the current year. The chairman (Mr S. G. Rowe) said today he would tell shareholders at the annual meeting that sales figures in the first quarter of the current year reveal that the company was ahead of its estimates.

He said the principal gains in sales last year were achieved in the first and last quarters—and the JanuaryJune period was not quite so buoyant Revenue from gas sales showed only a modest increase and the overall result up from £1,287,049 to £1,406,978 was attributable to gains achieved with equipment products and other consumables. Export Sales Mr Rowe said that the company had continued its efforts to increase sales in the export field. The 10-year agreement with the Broken Hill Pty., Company, Ltd., terminated on April 30, and with it the requirement for pipeline oxygen supplies to the Newcastle steel works. A new contract had been signed to cover a further period up to June 30, 1968, for liquid and cylinder oxygen supplies for B.H.P. Consolidated net earnings for the year of £1,406,978 were after tax of £1,025,097 less £29,429 transferred from the equalisation account and were also after depreciation of £1,008,555 compared with £1,068,117 last year. Result was also after deduction £4727 attributable to an outside shareholder (previously £3861). Dividend of 11 per cent takes £564,481 (£550,000). Directors have transferred £750,000 to general reserves (previously £500,000). Comm. Bank Sydney Interim Div. Up The Commercial Banking Company of Sydney, Ltd., will pay an increased interim-divi-dend of 5 per cent for the half-year-ended December 31. This confirms the 10 per cent rate indicated when the bank paid a 5 per cent final dividend for 1962-63. Interim for 1962-63 was 4J per cent. The total of 9J per cent paid for 1962-63 compared with 9 per cent for the previous seven years. Consolidated net profit of the company for the year ended June 30 rose by £73,627 or 7.2 per cent, to £1,089,662.