I.C.I.A.N.Z. Sales Up But Profit Lags

Press, Volume CVI, Issue 31237, 8 December 1966, Page 28

I.C.I.A.N.Z. Sales Up But Profit Lags

(N.Z. Press Association—Copyright! SYDNEY, December 7. Imperial Chemical Industries of Australia and New Zealand, Ltd., lifted sales by 20.8 per cent in the year to September 30, but profit rose by only 2.2 per cent.

Group sales for the year were 270.6 m dollars (up 46.6 m dollars); consolidated net profit was 9,416,000 dollars (up 203,000 dollars). Earning rate declines from 11.1 to 10 per cent on increased average ordinary capital, after deduting the

100,000 dollars preference charge. During the previous year the company made a one for six issue of 2 dollar shares at a premium of 1 dollar each, which became fully paid during the latest year. Ordinary dividend is held at 7j per cent with a final 4$ per cent.

The profit is after tax of 4,273,000 dollars (down 805,000 dollars). Depreciation 14,150,000 dollars (up 2,620,000 dollars) and after deducting outside shareholders interests of 2,212,000 dollars (up 832,00 dollars). Tax saving on investment allowances amounted to 2,995,000 dollars (up 1,804,000 dollars). Interest on debentures and fixed-term loans was 4,010,000 dollars (up 1,408,000 dollars). Directors say that in spite of severe competition and reduced activity in the building and automotive industries and the drought, overall group sales increased with improvement in conditions. Profits and sales were higher in the second half of the year, they add.

Sir Roland Wilson has accepted an invitation to join the hoard of 1.C.1.A.N.Z. Sir Roland, who is chairman of the Commonwealth Banking Corporation and of Qantas Empire Airways, retired recently from the position of secretary to the Commonwealth Treasury.