AUSTRALIAN REPORTS Boral Expects Strong Profit Rise

Press, Volume CVI, Issue 31318, 14 March 1967, Page 21

AUSTRALIAN REPORTS Boral Expects Strong Profit Rise

(N.Z. Press Association—Copyright) SYDNEY, March 13. Boral, Ltd., lifted group net profit by 34.4 per cent for the six months to December 31, and directors indicate that they expect a strong rise in the full year’s results.

The half-year's profit of 2,311,065 dollars exceeds the previous corresponding figure by 591,445 dollars.

The improvement is mainly due to a lower tax provision, the cessation of losses on coal mining and Queensland road contracts, and the first inclusion of earnings from two recent acquisitions. Directors say they expect results for the current halfyear to be comparable to those reported for the first half.

This would Indicate a profit in the vicinity of 4.6 m dollars for the current year, which would more than recover the 1965-66 decline. The half-year result is after tax 1,058,812 dollars (down 445,026 dollars from the tax provision for the previous corresponding period) and after depreciation 2,691,761 dollars (up 176,285 dollars).

Interim dividend on ordinary capital is held at 10 per cent Full rate has been 20 per cent for four years. Directors say that Bayview’s operations have now been combined with those of Albion Reid Pty., Ltd., but benefits from this are not reflected in the half-year's accounts as integration only took place in November.

Thiess Holdings Net profit of Thiess Holdings, Ltd., contracting coal mining and vehicle sales group, for the half-year to December 31 was “well in excess’* of that for the last six months of 1965, directors say in their interim report The company is resuming interim dividends with a payment of 5 per cent For the year to June 30 last there was a single dividend of 8 per cent, paid as a final. The interim now declared thus indicates an increase in annual rate to at least 10 per cent. Davies Coop Directors of Davies Coop and Co. Ltd., have turned down the takeover offer by the British Viyella group. In a brief statement directors of Davies Coop describe the offer as “unrealistic”. They say they are of this opinion on considering the value of the assets of the company and its present trading and earning potential. They add that a comparative statement is being prepared for submission to shareholders. The offer was worth $7.38 million for the capital not already controlled by the Viyella group. The chairman of Viyella, Mr Joe Hyman, left Australia for New York last night Wormaid Bros. Wormaid Brothers Industries, Ltd., will omit interim ordinary dividend for the current year, following a fall in profit for the December halfyear. Net profit fell due to generally lower margins, and because of some industrial troubles. “These facts indicate that it is prudent to await the results for the year before considering a dividend recommendation.*' For tiie last full year to June 30, Wormaid Brothers reduced ordinary dividend from 10 to 8 per cent (interim 5, final 3 per cent). Golden Poultry Golden Poultry Farming Industries Ltd. may receive a further takeover offer, directors said yesterday.

They say to shareholders that it may not be in their best interests to sell their shares yet They will report immediately further information is available.

Last week Associated Products and Distribution Pty. Ltd., a British Tobacco subsidiary, bld $1.28 cash for each Golden Poultry 50c share. The total bld was worth $2.5 million.

Golden poultry directors have not made any recomemndation on this bid.