News in brief

Press, Volume CXI, Issue 32707, 9 September 1971, Page 16

News in brief

Dunlop record > The net profit of Dunlop Australia, Ltd, was a record $12,296,366 in the year to June 30 after an increase of $1,164,753, or 10.5 per cent. A 51 per cent dividend, making a steady 11 per cent for the year, has been declared. The increase in the net profit was partly a result of tax savings from investment allowances.' jNo Yarra dividend Yarra Falls, Ltd, Meli bourne-based worsted spinner and weaver, will not pay la dividend after another sharp slump in profit. Eamiings fell from $291,184 to $149,184, and the rate on capital from 5.8 per cent to 3 per cent. In addition to the profit decline the company] incurred a net loss of I $302,582, from the closing and liquidation of the Byfas man-made fibre weaving division. Decision postponed The shareholders of Lines Brothers, Ltd, have rejected the board’s advice to go into liquidation. They were told that the company had debts of more than £l3m ($27.9m). But a “rescue offer" from the American toy group owner, Louis Marx, made shareholders vote for a 21|day adjournment to see if the | company can be saved. Good copper find Copper assays of up to 34.3 ’per cent had been obtained from the joint WestmorelandNewaim Redbank copper project in the Northern Territory, the directors of Harbourside Oil N.L. reported yesterday. Other assays showed values of 16.95, 10.6, 5.4, 26.8, 7.0 and 16.8 per cent copper; the lowest assay was 0.3 per cent. Travelodge talks The Mitsubishi Corporation and Travelodge Australia, Ltd, of Sydney, are discussing the establishment of a hotel chain in Japan. Mitsubishi said that there were many problems to settle, including possible yen revaluation. Japanese newspapers report that a capital of 1000 m yen (about $2.63m) will be shared equally. Profit down again The group net profit of McPhersons, Ltd, Australia’s largest toolmaker and engineers’ supplier, has fallen again after last year’s recovery. The profit fell 13.6 per cent to $2,250,146. Last year, after a four-year progressive decline, the profit jumped from $1,729,013 to $2,606,361. The ordinary dividend is held at 8 1-3 per cent with a final 4 1-3 per cent. However, the cover is small, with a drop in the earning rate on capital from 12.4 per cent to 10.7 per cent.