Tubemakers’ net eases
The group net profit of Tubemakers of Australia, Ltd, eased about 5 per cent to sB.6m in the year to June 30, the directors said in a preliminary report. Annual dividend is steady at 11 per cent with a 6 per cent final payable on October 28. The latest result is after providing $266,000 less for tax at $8,483,000, and the provision for depreciation is up • marginally from $4,131,000 to $4,232,000.
The profit returns 21.5 per cent on paid capital of s4om compared with 22.6 per cent in 1969-70 and provides a two fold cover for the dividend.
In addition to the trading profit a profit of $1,811,000 was made on the sale of fixed.assets. Tubemakers made a public issue in 1969, 12} per cent of the equity capital being offered to the Australian public. The main shareholders in the company are 8.H.P., with 35.57 per cent. Stewart and Lloyds, Ltd, of the United Kingdom with 36.93 per cent, and Tube Investments, Ltd, also of the United Kingdom with a 13 per cent holding. Copper price falls The Copper Producers Association of Australia Inc., reports that the Australian producers price will be 45c a lb from today. The last change was a 1c drop to 46 cents on July 29.
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Bibliographic details
Press, Volume CXI, Issue 32702, 3 September 1971, Page 23
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213Tubemakers’ net eases Press, Volume CXI, Issue 32702, 3 September 1971, Page 23
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