Miller net higher

Press, Volume CXII, Issue 33063, 2 November 1972, Page 19

Miller net higher

(N.Z. Press Assn.—Copyright)

SYDNEY, Oct. 31.

While the battle for control of R. W. Miller Holdings, Ltd, drags on, the company’s profit growth continues unabated, with group net earnings up 51.5 per cent, or $489,152, to $1,437,973 for the year to June 30. But the shareholders are not going to benefit from the increase, at least for the time being. Under the terms of the take-over offer for Miller, by Howard Smith, Ltd, if Miller pays a final dividend the terms of the offer would be breached. However, the directors have recommended the usual final dividend of 4 per cent to be paid when these conditions have been fulfilled, making an unchanged total dividend for the year of 8 per cent.

The latest profit represents an earning rate of 15.9 per cent on ordinary capital. The profit is after providing $669,775 for present and future tax and depreciation of $1,547,295 ($879,411). In addition, the group realised capital profits of $1,037,582 ($14,199). Group sales and revenue increased by 9.6 per cent.