COMMERCIAL N.Z. Steel reports $4.8m loss
t.Veic Zealand Press Association WELLINGTON. July 13. New Zealand Steel. Ltd. has reported a loss of about Sl.Sm for the year to March 31. Last year the company traded at a loss of 95,379.679.
The audited result was; after providing about §350,000 more at about 52.6 m and paying about $400,000 more at about $3.2m in interest. Accumulated losses now total about $13.7m. comprise ing cash losses of s7.om. and provisions for depreciation of $6.7m. Before providing for interest and depreciation, the company made an operating profit of slm. This compares with an operating loss of> §o.3ra before interest and depreciation the previous financial year. At the last annual meeting, shareholders were advised that profitability would be delayed because of the depressed demand for steel billets and because of the time taken in modifying the iron plant. Late in the financial year there was some improvement in ironmaking performance and the demand for billets
began to recover, but these changes came too late to have any significant effect on the result, the report says.
The company will be sending its annual report to shareholders on August 14 and will hold its annual meeting on August 31.
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Press, Volume CXII, Issue 32968, 14 July 1972, Page 11
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202COMMERCIAL N.Z. Steel reports $4.8m loss Press, Volume CXII, Issue 32968, 14 July 1972, Page 11
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