E.Z.I. pays 10% after 47% rise in profit

Press, Volume CXII, Issue 33032, 27 September 1972, Page 18

E.Z.I. pays 10% after 47% rise in profit

The group net profit of E.Z. Industries, Ltd, rose by 47 per cent to $4.9 million in the year to June 30, the directors said in a preliminary announcement. The annual dividend is held at 10 per cent, with a final payment of 71 per cent on November 24.

This was after providing $3OOO less for taxation at $5OOO, and $1,339,000 more for depreciation and mine depletion, they said. The tax provision is affected principally by allowances for capital expenditure incurred on mining properties exceeding by $2,365,000 the amount charged in the accounts, which is related to the life of the mines, and claims for investment allowance of $1,909,000.

The higher profit was because of increased output

from the West Coast mines after completion of the programme to achieve double production and to increase metal value obtained from the sale of concentrates during the second half of the year, the directors said. Increased tonnages and improved prices helped to offset certain increased costs of production at the Risdon works, the initial technical difficulties in the commissioning of the residue treatment plant, which is now contributing to earnings, and the impact of increased depreciation and interest charges.