Commercial news in brief

Press, Volume CXI, Issue 32541, 26 February 1971, Page 16

Commercial news in brief

1:5 bonus issue The Canterbury Roller Flour Milling Company, Ltd, will make a one-for-flve bonus issue. The annual dividend is unchanged at 10 per cent. Rheem profit up The group net profit of Rheem New Zealand, Ltd, for the year to December 31, was $182,021, an increase of 17.5 per cent over 1969 profits. The directors will recommend an unchanged 12 per cent dividend. Hardie Trading Hardie Trading, Ltd, reported that group turnover for the six months to December 31 was 1.8 per cent higher than in the previous comparable period, and net profit, unaudited, the directors said, was 3.7 per cent lower. They said that the earning rate on issued capital, after providing estimated tax, was down fractionally to 32.85 per cent. All companies in the group traded profitably, except Australian Bobbins Pty, Ltd, although some companies were affected by a lag in recovery of increased operating costs, they said.—(P.A.) in timber Blue Metal Industries, Ltd, says that it has decided to undertake, with House of Lewin Investments Pty, Ltd, an investigation of timber resources in the Eden area of New South Wales. The investigation is to determine the desirability of an enterprise to supply wood chips to the paper-manufacturing industry. Blue Metal recently extended its timber industry interests with the acquisition of Allen Taylor and Company, Ltd.—(P.A.) Coles stays ahead G. J. Coles and Company, Ltd, announced that profit before tax, for the half-year to December 31, increased 2.1 per cent compared with the same six months of 1969. Group sales for the period rose 10.8 per cent. Increased costs of operations, including wages, had to be met during the half-year, together with opening expenses for the 17 new units opened during the period, the announcement said.—-(P.A.)

Cunard set-back A £sm set-back was disclosed by Cunard, whose fleet includes the prestige liner Queen Elizabeth 11. The company’s annual accounts for 1970 showed a loss (after taxation) of £1,929,000, compared with a profit of £3,164,000 the previous year. More than half the loss (£2.Bm) was incurred in the Australian and New Zealand trade. Genoa farms in Genoa Oil NL and its associates will earn a 50 per cent interest in a 9538 square mile area of the Adavale and Cooper Basin iri Western Queensland by conducting a four-year oil and gas search programme as required by the Queensland Government. In the half-year, the company spent $281,752 on exploration.