CONZING RIOTINTO Profit And Dividend Up

Press, Volume CIX, Issue 32221, 13 February 1970, Page 16

CONZING RIOTINTO Profit And Dividend Up

(Neil) Zealand Pres? Association) WELLINGTON, February 12.

Consolidated net earnings of Conzinc Riotinto of Australia, Ltd, rose by more than ssm to almost s23m in 1969, and the dividend is up from 16 per cent to 20 per cent.

The directors of C.R.A., an- ; nouncing preliminary consolii dated results (subject to audit) of the company’s operations for the year to December 31, said that consolidated net earnings rose from $17,644,512 in 1968 to $22,948,542 in 1969. This figure is after depreciation of $18,705,417, compared with $15,792,163 in 1968, income tax. more than doubled to $25,140,422, and the deduction of sl2m for the equity of minority shareholders in earnings of subsidiary companies. Shareholders’ funds rose [from $155,240,818 to ! $199,329,602, and earnings as i a percentage of these rose

from 11.4 to 11.5 per cent. Earnings per ordinary shares rose from 17.1 c to 21.7 c, and from 34.1 to 43.5 per cent on paid-up ordinary capital. The consolidated earnings for 1969 include C.R.A.’s proportion of the consolidated earnings of Hamersley Holdings, Ltd. This was $13,659,179, compared to $9,693,958 the previous year. The increased earnings of the Hamersley group are also reflected in the increase in the equity of minority shareholders in the earnings of subsidiary companies. Likewise the increase in the provision for depreciation is due mainly to the considerable increase

in that item in Hamersley accounts.

The provision for income tax includes $21,928,000 for future tax, compared with $7,549,000 in 1968. This increase is mainly attributable to the operations of Hamersley Iron Proprietary, Ltd. A final dividend of 13 per cent tax-free has been declared, payable on March 26. Last year C.R.A.’s final payout was 9 per cent. The dividend will bring the distribution to shareholders for 1969 to a total of $10,518,463, compared with $7,442,519 in the previous year. The final dividend will be paid to public shareholders out of tax-free funds.