Mason continues its recovery

Press, Volume CX, Issue 32462, 24 November 1970, Page 18

Mason continues its recovery

The turnover of Mason Bros, Ltd, Auckland engineer, increased, and group profit for the half year to September 30 substantially improved over the same period last year, the directors say in an interim report.

They have anticipated the better result with an increase in the Interim dividend from 24 to 3 per cent. It will be paid on December 11, together with interim dividends of 24 per cent on the "A" and "B preference shares. The directors expect results for the full year to register a continuation of the upward trend which has prevailed since 1968.

The improved earnings position reflects in part a strong recovery to profitability by Christchurch-based Andersons, Ltd. The merchant company, Mesco Riddell, is operating on budget, and export turn* over and orders are ahead of last year, directors say. Auckland - based Mason Bros Engineering has ample work on hand. However, turnover and profit have been severely affected by industrial problems, and the poor results are of concern. Nevertheless, orders are at a steady level. In spite of the payroll tax,

the price freeze and the economic situation, which will affect earnings improvement, directors forecast an upward trend in group eamings through the current year. Last year the group boosted profit by 30.3 per cent to $206,131, after more than doubling eamings in the previous year, and the diviend was raised from 5 per cent to 7 per cent.

s7om expansion The Broken Hi!) Proprietary Company, Ltd, has announced a s7om expansion of Port Kemble’s ironmaking capacity. This will bring to more than s3oom the amount 8.H.P., through its largest subsidiary, tne Australian Iron and Steel Proprietary, Ltd, will spend on major developments at Port Kembla during 1969-73. ,The latest development involves a major modernisation of an existing blast furnace, a new tonnage oxygen plant, sinter plant and coke ovens battery.