A.C.I. expects record profit for year

Press, Volume CXII, Issue 33093, 7 December 1972, Page 20

A.C.I. expects record profit for year

(N.Z. Press Association—Copyright) SYDNEY, December 6. Australian Consolidated Industries, Ltd, encountered some pressure on profit margins in its September half-year, but expects that its full year’s net profit will be ahead of the 1971-72 record of $12.1m.

Without disclosing figures, A.C.I. reported that its net profit on trading operations for the September 30 halfyear had increased by 9 per cent following a rise in sales of 13 per cent. The comparison excludes extraordinary items and is not based on audited figures. For the full year to March 31, A.C.l.’s net profit excluding, extraordinary items, showed a 14.9 per cent rise, compared with the 12.6 per cent increase in sales. Interim div. higher The latest half-year covered a period in which A.C.l.’s Australian operations were adversely affected by industrial troubles, including the oil dispute which affected glass production at the N.S.W. plants. The directors said that present indications were that group results for the full year would be ahead of last year, with Australia, New Zealand and Thailand exceeding their 1971-72 results, and Malaysia and Singapore

being well down on last year. In their 1971-72 annual report, directors had referred to difficult trading conditions and lower results in both Malaysia and Singapore. Without comment, the director declared an interim ordinary dividend of 5 per cent, compared with last year’s payment of 4 per cent which was followed by a final of 6 per cent and a Centenary-bonus of 2 per cent. The higher interim suggests that either the company has adopted a policy of equalising its interim and final payments or that it is paving the way for an increase in its full year’s basic rate. The payment will be on February 28 to shareholders on the register at January 31. Shares will be ex dividend on January 25.