P and O sees slow profit recovery

Press, Volume CXII, Issue 32869, 18 March 1972, Page 21

P and O sees slow profit recovery

(N.Z. Press Assn.—Copyright) LONDON, March 15.

The chairman of the giant P and O Shipping and freight concern (Mr Ford Geddes) todav gave a depressing insight into the company’s short-term future. “All I can say now is that although I look for an improvement in our profit from operations, it will only be a start on the Way to recovery from last year’s figures,” he said at the annual meeting. However, he said, the last year had been one of consolidation and gradually improving performance for Overseas Containers, Ltd.

"In the Australian trade the ships completed their guarantee dry-dockings and their carrying capacities were enlarged. “Serious turn-round difficulties were experienced in the first half of the year, but are now substantially improved.” Mr Geddes said that O.C.L.’s results for 1971 and those for current operations were expected to be broadly in line with forecasts, allowing for the fact that development costs associated with the New Zealand trade were not to be achieved before 1974. Comalco interest Comalco, Ltd, announced that it is in the process of acquiring an equity interest in the secondary aluminium allo- producer Nonferral Pty, Ltd, a subsidiary of A. Cohen and Company. Ltd, of London. After the purchase of existing shares and the issue of new shares, Comalco will hold a 20 per cent interest in Nonferral. Comalco will also appoint a director to the Nonferral Board.