COMMERCIAL Tasman Sales Ease 5.9% To $33.6m

Press, Volume CVIII, Issue 31597, 7 February 1968, Page 16

COMMERCIAL Tasman Sales Ease 5.9% To $33.6m

Group sales of Tasman Pulp and Paper Company, Ltd, Kawerau, fell by $2,096,305, or 5.9 per cent, to $33,581,733 in the year to October 31, according to the annual accounts.

In spite of a 12| per cent fall in New Zealand consumption, mainly because of Government economic measures, newsprint remained fully sold, says the chairman (Mr J. C. Fletcher).

Contractual arrangements with Australian customers had enabled tonnage to be diverted to that market which would otherwise have been taken by local publishers, he says. Newsprint Price While the price of the company’s newsprint sold in New Zealand remained steady, in Australia the price was increased by $4 a ton from January of last year. As announced, group profit eased to *49,091, or 1.4 [ter

cent, to $3,502,133 in the latest year. The dividend, however, was raised from 10 to 11 per cent The.latest profit is after providing 5367.161 less for depreciation at $3,207,451 and $299,831 more for tax at $2,375,353.

The strike of pulp and paper workers resulted in a loss in production of more than 14,000 tons of newsprint, says Mr Fletcher. Some of the loss was recovered and the year ended with a loss of 12,600 tons on the previous year at 182,900 tons. Sawn timber production at 55m board feet was again lower, reflecting the current downturn in the timber market. Log production declined 9 per cent on the previous year.

New contracts with Japan for both sawn timber and logs would assist in reducing the decline, he adds. The balance-sheet shows working capital $270,988 lower at $405,658