Hamersley Profit $12m Gross

Press, Volume CVIII, Issue 31588, 27 January 1968, Page 16

Hamersley Profit $12m Gross

(N.Z. Press Association—Copyright) SYDNEY, January 26. Hamersley Holdings, Ltd, earned slightly less on every ton of ore shipped in the final quarter of the year to December 31, the “Australian Financial Review” reported today.

However, this did not stop a meteoric overfall rise in group profit in the full year to December 31, the national financial daily newspaper said. In its first full year’s earnings statement as a public company, Hamersley reported a profit of $12,404,484 for the year to December 31, before providing for future tax, the “Review” said. The profit compares with only $553,348 in the previous year when the company shipped 749,079 tons of ore after storting operations in August. Earning Rate The company has provided future taxation of $3,040,000 leaving a net profit of $9,364,484 for the year, to give an earning rate of 18.7 per cent on paid capital of ssom. The ore shipped for the year was 5,171,524 tons and was running at an annual rate of 7.1 m tons in the final quarter. Tonnage shipped in the December quarter rose from 1,608,365 to 1,785,679. However, profit before future tax did not rise at the same rate, moving up from $4.49m to $4.76m. The fall in the rate of in-

crease is in spite of a reduction in the depreciation rate. Depreciation in the December quarter totalled $1,788,649 compared with $2,351,000 in the September quarter. Total depreciation for the year is $7,259,649 compared with $1,076,135 in 1966. The directors do not explain the decline in profitability rate in the final quarter, the “Review” reported. Earnings Per Share However, the last quarter could have contained a greater proportion of fines than earlier periods, the newspaper said. The before tax profit equals 12.4 c a Hamersley share and the net profit 9.36 c a share. Outstanding loans from the North American banks total $121,783,150.