M.F.C. earned $2m; 25c a share

Press, Volume CX, Issue 32406, 19 September 1970, Page 22

M.F.C. earned $2m; 25c a share

(N’-Z. Press Association—Copyright) SYDNEY, September 18. Mining Finance Corporation expects to maintain its profit performance in the coming 12 months because the company has been able to develop a number of new profit centres within the group.

The directors also believe that the plans to open five new coking coal mines in the Mount Tomah area of New South Wales by the 75 per cent owned subsidiary Coalex Pty, Ltd, could provide considerable future benefits for the company. Negotiations are taking place concerning the development and exploitation of these coal prospects. A number of profit centres were established after flotation, and have not therefore contributed a full 12 months to the profits for this period. These profit centres include the company’s interest in Coalex Pty, Ltd, Corporate Mining Investments of Aust-' ralia, Ltd. and a number of mining orientated services, I The unaudited profit attri-j butable to Mining Finance Corporation shareholders for; the year to June 30 was $2,017,170. This was struck; after deducting taxation of $370,632 and depreciation and!

s other provisions totalled ) $1,452,683. Based upon year-end capital of $7,983,894, each share ' earned 25c. The net tangible assets of . mining securities at quoted , market value and mineral rights at directors’ valuation, but excluding the value of Metals and Petroleum Exploration, and goodwill, were in excess of $13,300,000, equalling approximately 167 c a share. This is an increase in assets of 67c a share in the company’s first year of activities. Mining Finance Corporation is now organised into four main divisions: operating, exploration, service, and [portfolio investment. ; At June 30, the company’s (assets were employed in about 35 per cent operating, 133 per cent exploration, 4 per 'cent service and 28 per cent ! portfolio investment.