Gold Fields’ Profit Rises 31 Per Cent

Press, Volume CVIII, Issue 31763, 21 August 1968, Page 16

Gold Fields ’ Profit Rises 31 Per Cent

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SYDNEY, August 20.

Mining investor Consolidated Gold Fields of Australia, Ltd, showed another strong profit rise in 1967-68 and the dividend rate has been increased. Gold Fields’ preliminary report also reveals a leap from $4.7m to $18.5m in the surplus of market value over book value of the group’s listed investments.

Consolidated net profit for the year to June 30 was $5,387,728—up $1,278,023, or 31 percent.

The result is after deducttag outside interests of 52.120,991, down $182,386. This indicates that the contribution of listed subsidiaries to the group result declined.

Thus the entire profit increase appears to be attributable to dividends received from Goldsworthy Mining, Ltd (which is one-third owned by Gold Fields). This confirms the pattern of 19M47, when Gold Fields' earnings rose by $1313303 after including $1,158,000 from Goldsworthy's first profit Goldsworthy Mines In the latest year, Goldsworthy appears to have contributed about $2.7m to the Gold Fields group result Goldsworthy’s profit is expected to be disclosed in Gold Fields’ annual report.

Goldsworthy appears to have distributed about sBm to its three shareholders | (Gold Fields. Cyprus Mines I Corporaiton and Utah Con-

struetion and Mining Company), if last year’s practice has been retained. Based on the published results of Gold Fields' listed subsidiaries for the latest year, their contribution to the group result declined by about s246,ooo—mainly because of the loss incurred by Reni son. Mixed Results Three of these companies achieved improved results. They are Associated Minerals Consolidated (which increased its profit enough to lift Gold Fields’ proportion by $450,000), Commonwealth Mining Investments (contribution up $148,000) and Bellambi Coal (up $43,000). Lower profits were reported by Mount Lyell Mining (which contributed $307,000 less to Gold Fields), Zip Holdings (down $76,000), and Renlson's loss meant a reduction of $485,000 in Gold Fields' group result