COMMERCIAL T.N.T. profit margin maintained

Press, Volume CXII, Issue 33044, 11 October 1972, Page 23

COMMERCIAL T.N.T. profit margin maintained

CV.Z. Preu Association—Copyright)

SYDNEY, October 9.

The group net profit of Thomas Nationwide Transport, Ltd, as a percentage of trading revenue remained almost steady in the year to June 30, the company’s annual accounts show.

On a non-equity accounting basis, group net profit increased 20.1 per cent while revenue rose 19.1 per cent. However, the introduction of equity accounting in the last year resulted in T.N.T.’s net profit showing a 28.7 per cent increase.

The group’s accounts show that since 1969 net earnings per revenue dollar have ranged between 3.7 c and 3.9 c. In the same period group revenues have risen from the 1969 level of $58.8m to the $122.4m in 1972. To maintain a reasonable growth potential, “which is so vital to retain our leaderships in the transport industry, the company will continue its dual development policy,” directors say in their report.

This is explained as striking a balance between acquisitions and internal development of new activities by group companies. During the year the group acquired a 23.4 per cent interest in Ansett Transport Industries, Ltd. It also expanded its car carrying division throughout Australia and commenced car carrying from Australia to New Zealand. The group also started an express parcel service in Canada, a container service between Canada Injunction sought Land and Building Systems. Ltd, the Palmerston North company which has made a take-over offer for Totara Park Development, Ltd, has filed a motion seeking an interim injunction restraining Totara Park Development from selling land at Upper Hutt. Among the conditions of the take-over offer was the restriction that Totara Park did not enter into a commitment to sell land other than any sale in the normal course of business. The managing director of Land and Building (Mr V. K. Clark), who is also a director of Totara Park, filed an affidavit in support of the /notion.

and Australia, an express service between Australia and New Zealand and nearly completed preparations for its new armoured express division in Australia. The directors say that they expect to maintain the current rate of dividend, 16 per cent on the capital increased by the one-for-10 issue at par. Preliminary contacts have also been made in Japan for future “involvement” by T.N.T. in Japan. The acting chairman (Sir Peter Abeles) paid tribute in the report to the founder and former chairman of T.N.T. (Mr Ken Thomas). Mr Thomas resigned in July as chairman. Shareholders will be asked at the annual meeting on October 30 to approve the payment of a $300,000 retiring allowance to Mr Thomas. Uranium contract Queensland Mines, Ltd, has signed a s29m uranium contract with the Japanese Shikoku Electric Power Company. The contract is the largest Australian uranium contract concluded with a Japanese utility. Delivery of the 2230 tons of uranium will begin in 1977 and would continue to 1985. Shikoku will use the uranium for power generation. The company’s programme envisages the establishment of four reactors. the first to be built in 1977 and the fourth between 1980 and 1985. Formal approval Shareholders of New Zealand Industrial Gases, Ltd, will hold an extraordinary meeting on October 27 to consider authorising directors to issue 100,000 ordinary shares to Carbonic Ice, Ltd, or its nominees. Shareholuers of Carbonic Ice, Ltd, will meet on October 24 to give formal approval to completion of sale of the dryice business to New Zealand Industrial Gases. Entitlement and dividend have been approved by the Dividend Appeal Committee, ex entitlement now October 25.