Greater Use Of Oil Boosts Gas Profit

Press, Volume CIX, Issue 32232, 26 February 1970, Page 14

Greater Use Of Oil Boosts Gas Profit

(N.Z. Press Association) WELLINGTON, Feb. 25. Improved management techniques, and economies in the cost of gas-making arising' from the greater use of oil as a feedstock, were mainly responsible for the more than 3 per cent increase in net profit of the Wei- ■ lington Gas Company, Ltd. “The chairman of directors (Mr C. H. Benny) said this in a statement to the Stock Exchange today. Profit before taxation amounted to $151,264 —the highest amount of annual profit in the history of the company. j The directors were recommending that the dividend be lifted to 7) per cent for 1969. Referring to negotiations; with the Wellington City. Council, Mr Benny said that

although there was nothing new to report now, the direc tors were hopeful that thi: . issue would be resolved on< tlway or the other by the enc March. A final dividend of 4} pel f' cent on ordinary shares, mak Q ing 71 per cent for the year „ will be recommended to tht “ annual meeting. It will bt f payable on March 25; ex divi e dend, March 19. e 1.1 Bid Favoured “The directors of this com s pany have given careful conn | sideration to the terms of tht k offer proposed to be made by The Wellington Publishing n Company, Ltd, and have come e to the conclusion that the J offer is in the interests of e shareholders and they conseiquently recommend to sharei- holders that the offer be e accepted.” I It is estiihaled that the net s; tax profit for the year to 71 end of March 31 will be about L5117,500.—(P.A.) _