PEKO MORE THAN DOUBLES PROFIT

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

PEKO MORE THAN DOUBLES PROFIT

(N.Z. Prut 4«toa<at<on— Cbpvrltht)

SYDNEY, August 20. Figures released by Peko-Wallsend, Ltd, show the gold mines earned a record profit, after tax and redemption, of $4,195,152, compared to the previous year’s $1,855,151, a rise of $2,340,001

Provision for income tax was $773,839, and depredation and redemption $1,976,826. A director's report to the Stock Exchange late yesterday said the profit represented an earning rate of 77.6 per cent on paid up ordinary capital employed during the year.

The earning rate for the year compares with a rate of 45.1 per cent earned last year on paid up ordinary capital of $4,116,457 dollars. The report said the earnings of Mount Morgan, Ltd, for the period January 14 to July 2, 1968, amounting to $1,031,256, have been included in the group profit, although net earnings of Mount Morgan for the full year amounted to $655,797. The difference between these two figures represents an operating lose of $175,489 dollars during the period July 3, 1967, to January 14, 1968, because of working lower grade ore In that period, the directors said.

The net profit attributable to Operations other than Mount Morgan amounted to $3,163,896, of which the combined earnings of the Orlando and Juno mines were $1,558,244 Peko-Wallsend lifted dividend from 18 per cent to a

total of 224 per cent for the year to July 2. Peko-Wallsend has paid a yearly dividend since 1959.