News in brief

Press, Volume CXII, Issue 33110, 28 December 1972, Page 12

News in brief

Collin improvement The chairman of Gollin Holdings. Ltd (Mr W. Wills) has expressed confidence in the company’s ability to achieve a tax-paid profit of $750,000 in the current financial year. Mr Wills said that the results for the first quarter indicated that this profit target would be

achieved. He predicted that the coal division, which has had a difficult time in the last two years, would return during the current year to a satisfactory earning rate. The division has recently negotiated a “significant” five year contract. The New Zealand and overseas divisions had opened the year with “most encouraging results.” Allied Farm, agency The Auckland and Hamilton travel offices of Allied Farmers Co-operative have been franchised by Atlantic and Pacific Travel International, one of New Zealand’s largest travel organisations. The new arrangement will extend the full services of Atlantic and Pacific to Allied Farmers and will include the facilities of Atlantic and Pacific’s South Pacific network, travel concessions, bulk buying facilities and subsidiary or associated companies such as Instant Hotels and Midland Coach Lines. Ltd.

SUS7BOm deal The Overseas Petroleum .Corporation, of Japan, has signed an agreement to take over 43 per cent of the two-; thirds stake held by the British Petroleum Corporation in Abu Dhabi Marine Area.' Ltd. The Japanese company is to pay BP SUS7BOm in instalments, by 1975. Kiwi div. passed Kiwi International Company. Ltd, boot polish and ■ cleaning products manufacturer, has passed its final dividend after profit slumped from $1,384,335 to $858,440 in the year to August 31— the third drop in four years. The company paid a steady 4 per cent interim dividend I in June. The latest result excludes a non-recurring loss of; I $224,899 caused by flood I damage to the United States; : division. Sales were slightly higher I than in the previous year. ! Tax provision fell from $1,504,299 to $1,136,438 but depreciation rose from $382,975 to $422,733.