COMMERCIAL Record output by profit rise expected

Press, Volume CXIII, Issue 33253, 16 June 1973, Page 13

COMMERCIAL Record output by profit rise expected

(N.Z. Press Association—Copyright) SYDNEY, June 15. The Broken Hill Proprietary Company, Ltd, has set production records for its main commodities in the year to May 31. The giant steel, iron, minerals, and oil and gas company is almost certain to beat last year’s record profit of $76.1m.

Production figures suggest that this year’s profit will be about sBsm. B.H.P.’s earnings for the first six months of the year fell 14 per cent. B.H.P. said that it has vacancies for more than 1800 persons. Shortages vary up to 11 per cent at different centres. The largest is about 900 vacancies at the Port Kembla works, the directors say. Production figures show that steel production for the year was up by about 10 per cent to 7.2 m. tons. Iron production rose by more than a million tons or

about 17 per cent to 7.1 m tons. Both these increases reflect the commissioning of new iron and steel making facilities at Port Kembla during the year. Oil production rose by 2 per cent to a peak of 53'.8m barrels for the year. Last year’s production was 52.6 m barrels, but a strike in the first half of B.H.P.’s year cut into production in the latest year. B.H.P.’s share of natural gas from Bass Strait rose by about 52 per cent to 510 m cubic metres. Liquefied petroleum gas

n production also increased sharply, from 350,000 tons s to 440,000 tons, an increase g of 26 per cent. g Coal output rose by about a 20 per cent to a record 7.4 m tons. Manganese output has 2 also reached a record level i of I.lm tons, after an increase of about 11 per cent, ,s and iron ore output rose by n about 10 per cent to 19.1 m u tons. e These production levels should help B.H.P. recoup il some of the major cost iny creases it has faced over the n last two years. More importantly, B.H.P. is has enjoyed three months of ■ a 3 per cent price rise for steel products. Although the price rise was less than half the 7.1 per cent B.H.P. had sought, it has applied over a period of peak demand for B.H.P. steel. Increased iron ore production would partially offset reduced income through currency changes, so the group appears to have had a very satisfactory second half. B.H.P.’s preliminary profit statement is expected to be released in mid-July.

Mair in control The issued capital of Mair and Company, Ltd, primary produce exporter, has been increased by $19,938 by the issue of 39,976 shares of 50c each to acquire various shareholdings in Harold Goodes (1967), Ltd, sheepskin tanner, Auckland. As a result of these transactions, Mair and Company holds 69.43 per cent of the ordinary capital of Harold Goodes.