Profit Recovery By Mount Lyell
(N.Z. Press SYDNEY, July 25. Mount Lyell Mining and Railway Company, Ltd, the Tasmanian copper producer, enjoyed one of its best years in the 1968-69 financial year, with grades of mined ore well up on a year ago and better copper prices.
After tax, profit recovered 23.6 per cent from last year’s fall, to reach $2,719,902. This was achieved in spite of a $465,021 lift in taxation provision at $1,550,300.
Depreciation is also higher —up $91,991 to $850,877. The result is equal to earn-
ings of 50.6 per cent This gives a double cover to the 25 per cent (6)c a 25c share) dividend paid for the third successive year, but on capital increased by the first payment on a four-for-five issue made last October.
The final dividend of 15 per cent is one-third tax exempt. The Mount Lyell result does not include any dividend from the 49 per cent holding in Renison Tin, since the company’s return to dividend payments is made in the 1969-70 year.
The group milled 2,269,625 tons of ore compared with 2,211,014 tons the previous year.
The grade of ore was 0.8 per cent, compared with 0.71 per cent the previous year, accounting for the higher copper content in concentrates recovered.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/CHP19690726.2.171.4
Bibliographic details
Press, Volume CIX, Issue 32050, 26 July 1969, Page 18
Word Count
211Profit Recovery By Mount Lyell Press, Volume CIX, Issue 32050, 26 July 1969, Page 18
Using This Item
Stuff Ltd is the copyright owner for the Press. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Acknowledgements
This newspaper was digitised in partnership with Christchurch City Libraries.
Log in