Philip Morris Lifts Profit

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

Philip Morris Lifts Profit

CN.Z. Press Association— Copyright) SYDNEY, February 6.

Results of Philip Morris (Australia), Ltd, for the December halfyear show another strong profit gain of 18.3 per cent, and indicate that the company’s cash flow will again be substantial in 1967-68.

Profit for the half-year was $1,484,039—a rise of $229,805 on the result for the December half of 1966. However, this is a smaller

rise than was achieved in the 1966 December half, when the profit of $1,254,234 was $300,622 (or 31.5 per cent) higher than in the second half of 1965.

When adjusted to an annual basis, the latest result represents an earning rate of 58.2 per cent, on capital recently increased by a one-for-two bonus issue.

Philip Morris has already announced an interim dividend of 5| per cent for the current year.

Papua Gas Field

Natural gas from the as yet commercially unproved Papuan offshore field, Uramu, could be destined for sale in Tokyo.

The gas would be liquefied for shipment, if the field were commercial, said Mr J. J. Tanner, managing director of Phillips Australian Oil Company, operator for an international consortium.