Boral Sells B.H.P. Shares At Profit

Press, Volume CVIII, Issue 31627, 13 March 1968, Page 18

Boral Sells B.H.P. Shares At Profit

(N.Z. Press Association —Copyright)

SYDNEY, March 12.

Boral, Ltd, which has reported a 25 per cent fall in profit for the December half-year, has sold almost all its shares in the Broken Hill Proprietary Company, Ltd, the managing director (Mr John O’Neill) reported. Mr O’Neill said the company now held fewer than 100,000 shares in B.H.P.

At June 30 Boral held 1,100,000 B.H.P. shares, the Interim report showed. The company’s interim report shows that during the half-year to December 31 there was a surplus of $6,664,128 on realisation of investments. This consisted almost entirely of profits on the sale of B.H.P. shares.

Group revenue declined by 5 per cent in the half-year and the profit at $1,732,427 is $579,014 below the previous corresponding result. This was in spite of bene-

Sts from sterling devaluation, which directors say increased the group net profit by a gross $411,000. This amount reflects benefits on amounts payable in sterling on term contracts for the purchase of overseas crude oil.

The increase m Boral’s liquidity comes at a time when sharemarket rumours are linking Boral with the French Total Oil group. The directors of Boral and Total have not yet made any comment on the rumoured association.