Description of profit decline questioned
(New Zealand Preu Association) AUCKLAND, March 24. Alcan directors* description of a reduction in profit as slight was queried by a shareholder at the annual meeting today, the first since Alcan became a public company last year.
According to Mr D. M. Emanuel, a lecturer at Auckland University, Aluminium Conductors, Ltd, suffered a profit decline from $65,000 in 1969 to $49,000 last year. He questioned the directors* interpretation of this decline as “slight” In reply, the managing director (Mr A. H. Swift) said that the reduction in profit was caused by a lower level of Government expenditure on capital projects. Much of the output of Aluminimum Conductors, Ltd, is bought by the Electricity Department. Mr Swift added that because of an adjustment in the service-free charge between the two companies, the profit decline was not as great as the suggested 29 per cent shown in the books. He told Mr Emanuel that the company suffered a 10 to
15 per cent decline in profit in the 1970 year. Aluminium Conductors, Ltd, is 51 per cent owned by Alcan New Zealand, Ltd, and 49 per cent owned by Associated British Cables, Ltd, of Christchurch.
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Bibliographic details
Press, Volume CXI, Issue 32564, 25 March 1971, Page 12
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198Description of profit decline questioned Press, Volume CXI, Issue 32564, 25 March 1971, Page 12
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