Good Recovery By C.P.D.

Press, Volume CX, Issue 32349, 15 July 1970, Page 21

Good Recovery By C.P.D.

The group net profit of Cable, Price, Downer, Ltd, recovered from $B7B 178 to about $1,036,000 in the year to March 31.

The profit is still subject to audit

The latest result is only slightly less than the previous peak of $1,073,410 earned in 1967.

Shareholders’ funds now exceed $6,374,000, compared with $5,924,000 the year before, the directors say in a brief preliminary statement The ordinary dividend is steady at 10 per cent with a final 5 per cent A preference shares receive a final 2 per cent making 9 per cent for the year and the C preference shares receive a final 1 per cent, making 6 per cent for the year. The C preference shares will be redeemed for cash at par on September 30. Penn Central The first National City Bank has asked a Federal district court in Philadelphia to allow it to take title to all common stock of Pennsylvania Company, the principal subsidiary of the financially troubled Penn Central Transportation Company. Pennsylvannia Company has more than SUS3OOOm in real estate and other assets. Penn Central, the largest railway in the United States, a few weeks ago declared itself bankrupt because of a severe cash squeeze.