HAMERSLEY MOVE TO INCREASE SALES

Press, Volume CIX, Issue 31923, 26 February 1969, Page 20

HAMERSLEY MOVE TO INCREASE SALES

(N.Z. Press Assn.—Copyright) MELBOURNE, Feb. 25. Hamersley Holdings, Ltd, has offered to supply an additional 75m tons of high grade ore at the rate of 5m tons a year to Japanese steel mills. The chairman (Sir Maurice Mawby) said in the annual report that negotiations are still in progress. (The contract might be worth an estimated s4oom and lift the Western Australian iron ore miner’s contracts to more than $1600m.)

Sir Maurice Mawby says that cash generated from the Hamersley operations is making an increasing contribution towards the cost of the expansion programme on which ss4m was spent last year. Repayments under the original sl2om credit agreement with the North American banks began in July, last year, and at December 31 a balance of $101.67m remained outstanding.

Plans have been prepared for the development of a new mining complex at Paradburdoo about 35 miles southwest of Mount Tom Price, the present mine.

As already reported in a preliminary statement, net sales revenue in the year to December 31 rose from $42,155.000 to $74,769,000. Group net profit rose from $9,364,000 to $17,952,000. The balance-sheet shows capital steady at ssotn with reserves and undistributed profits at $48.2m. The company does not intend to declare a dividend before 1970.

A. B. Cables To Pay 8 p.c.

(N.Z. Press Association) WELLINGTON, Feb. 25. The directors of Associated Britsh Cables, Ltd, are recommending an 8 per cent dividend as a result of the company’s $238,000 net profit for the nine months to December 31. The balance date has been changed to be consistent with that of the 8.1.C.C. group, of which A.B. Cables is now a member.

In the last full year, to March 31, the net profit was $297,703 and the dividend was steady at 11 per cent, slightly more, proportionally, than the present dividend, which will take $160,000. The directors have not announced the date of the general meeting.