NEWS IN BRIEF

Press, Volume CXIII, Issue 33128, 19 January 1973, Page 7

NEWS IN BRIEF

Fifth record year

| Reckitt and Colman Australia. Ltd, has reported re- : cord sales and earnings for I the year ended October 31. 1972. making the fifth suc■cessive record year. Group sales increased by. 16.3 per cent on the 1971 figure. Net profit, after provision for depreciation of $1,088,585 (up $143,478 on 1971), and tax of $4,186.1671 (previous $3,477,131), was' $4,309,766 (previous $3,545,314). up 21.6 per cent on last year. The company I will pay a final dividend of 8 'per cent, making 15 per cent 'for the year on the capital as increased by the one-for-ione bonus issue in March, 1972 (compared with an (equivalent rate of 14 per cent ifor 1971).

C.S.I. cash offer Credit Services Investments, Ltd. has given notice to the directors of Transport Fire and General Insurance Company, Ltd, of its intention to submit an offer to acquire shares in that company at a price of 65c a share, cash. The formal offer would be sent to shareholders about January 3.

North Sea oil The American-owned Occidental Petroleum Corpora- i tion has announced a big ! North Sea oil find, 100 miles off the north-east coast of Scotland. It said high quality crude oil flowed daily at rates of 3629 barrels and 5219 barrels in production tests at two intervals. It was Occidental’s first discovery in the North Sea. Occidental, which is the operator, is also the leading shareholder in a consortium with 36.5 per cent. Thomson Scottish Associates —basically the Thomson family—has a 20 per cent holding in the consortium and yesterday the Thomson organisation gained more than £l.sm in share value on news of the strike.

Life Savers sells Life Savers (Australasia) Ltd, has announced that it has sold its entire holding in Frozen Food Industries of ■ Australia, Ltd. Life Savers’ holding amounted to 592,948 ordinary fully paid up shares in the company.