Mt Isa Doubles Dividend Despite Profit Fall

Press, Volume CVIII, Issue 31775, 4 September 1968, Page 18

Mt Isa Doubles Dividend Despite Profit Fall

(N.Z. Press Association—Copyright) BRISBANE, September 3. Mount Isa Mines, Ltd, has doubled its annual dividend, to 20 per cent, in spite of a profit fall of $1,794,465 —or 14,3 per cent—from $12,523,163 to $10,728,698 in the year to June 30.

The payout of $9,528,315 is a record. Mount Isa will pay a final cash dividend of 6c (12 per cent) for the 1967-68 year. An- interim dividend of 8 per cent has already been paid. Last year the company paid a total of 10 per cent, 6 per cent of which was paid out of tax free profits. A brief company statement gave the consolidated net income for the year ended June 30 as §10,728,698 after providing for depreciation of $9,052,188 and income tax of $7,637,507. Another $35,000 was transferred to earnings from income tax equalisation. In the preliminary report directors point out that stockholders were advised at the last annual meeting that production problems would affect profit for 1967-68 substantially. “Favourable metal prices during the year were the principal reason for the profit for the year being larger than anticipated at the time of the last annual meetings,” they said.

“Copper prices are . expected to be lower this year than they were last year, but improved production of all metals should counteract this factor,” they add. BLMC Buvs Larke Subsidiary

British Leyland Motor Corporation, Ltd, will pay s2m for vehicle Assembler Pressed Metal Corporation, biggest single operation of the Larke Consolidated group.

Larke Consolidated, Ltd, an Australian-owned company with a paid capital of §2.4m and a market value of $7.7m has sold its 70 per cent interest in Pressed Metal.

The English-owned B.L.M.C. group already owned 30 per cent of the Pressed Metal capital. (This was acquired by Leyland when it took over the Rover Company in England 18 months ago.) . At June 30, 1966, Pressed Metal represented 32.4 per cent of the Larke group’s investment (while 27 per cent was in vehicle distribution, 11.5 per cent in replacement parts, and 29 per cent in engineering, industrial plastics and printing). Further Sale Of Cox Bros. Assets The receiver of Cox Brothers (Australia), Ltd (Mr N. W. Buckley), has sold the Mildura business and certain trading assets of William Bowring and Company, Pty, Ltd, a Cox Bros, subsidiary, to Bowrings (Mildura) Pty, Ltd, it was announced. The receiver gave no indication as to the price for the transaction. The sale is effective from July 28. Bright Outlook For Rothmans The current outlook for Rothmans of Pall Mall (Australia), Ltd, is good, say the directors in their annual report released in Sydney.

They expect that the dividend will be maintained at the higher 1967-68 rate of 16 per cent Sales are buoyant and, while the main established brands continue to sell strongly, several of the new brands are making an increasing penetration of the market. Profit Rise For Lake View

Net profit of Lake View and Star, Ltd, Kalgoorlie gold mines, rose §134,656 —or 42.4 per cent—to §541,900, after $6457 for tax and $129,021 for depreciation, a preliminary statement announced. The company was registered in London, but last year switched headquarters to Australia.

The final dividend is 5 per cent, making an unchanged total of 10 per cent.

Wallace Sales Slightly Lower (N.Z. Press Association) AUCKLAND, Sept. 3. Sales of the first two months of the current financial year for D McL. Wallace, Ltd. were slightly below those of the previous corresponding period, said the chairman (Mr D. McL. Wallace) at the annual meeting in Auckland. However, he said it was expected that sales for the full year would be about the same as for the previous 12 months.