Huge Leap In W.M.C. Group's Profit

Press, Volume CX, Issue 32359, 27 July 1970, Page 18

Huge Leap In W.M.C. Group ' s Profit

(N.Z. Press Association—Copyright)

MELBOURNE, July 26. The group net profit of Western Mining Corporation, Ltd, for the year to June 30 is up more than five fold—from $2.6m last year to $14.1m this year—the directors said in a preliminary announcement.

The profit is after higher depreciation—ss.sm compared with sl.9m before—and after tax on non-mining income of $300,000. Minority interests of $300,000 were also deducted.

Tbe net profit of the parent company was $14.3 million, compared with a previous $2.7 million.

Shareholders’ equity in the ! parent company increased from $63.8 million at June 30 last year to $85.3 million at June 30 this year. The company states that at June 30 the number of Western Mining shareholders was 44,000.

The group net profit of Western Mining’s associated company, Central Norseman Gold Corporation, N.L., for the year was $68,000, compared with $484,000 for the previous year.

The net profit of Centra Norseman was 8129,000 against $465,000 the year be fore. In both cases profit is aftei

undisclosed tax for nonmining income. The company states “consolidated net profit and the parent company's net profit were again affected by higher operating costs, and a declinI ing grade of ore treated. , “The consolidated net profit • is affected by the write-off by the subsidiary company of ' discontinued investigations."