T.N.T. earnings rose in first months

Press, Volume CXIII, Issue 33382, 14 November 1973, Page 20

T.N.T. earnings rose in first months

(N. Z.P.A. -Reuter— Copyright) SYDNEY, November 13.

Thomas Nationwide Transport, Ltd, increased net profit 31.8 per cent to 82.1 m in the three months to September 30. Revenue rose 51.8 per cent to $51.5m, the directors said at the annual meeting.

Earnings per share for the quarter were 6c, compared with 5.8 c previously. Overseas earnings for the quarter, compared with the September, 1972, quarter have been adjusted for Australian currency revaluations in September, 1973, February, 1973, and December, 1972. The results do not include any earnings of Overland Western, Ltd, although T.N.T. has paid for 59 per cent, and has set funds aside for the balance of this new Canadian acquisition. If final approval for the acquisition had been received the results would have been about 10 per cent higher. The interim report of Overland Western, for the nine months to August 4, 1973, showed that net income was a record $C813,561. Tonnage and revenue increased 18.5 per cent and 20.1 per cent respectively compared with the same period of the previous year. The fourth quarter is traditionally a high-profit period, and, therefore, directors were expecting a record-breaking profit for the year. : The directors say that the 5 per cent revaluation of the Australian dollar in September, 1973, caused a further surplus, which will be 1 reflected in the accounts for the half-year to December 31. The results for the Septem-| ber quarter included T.N.T.’s equity in A.C.T.U.-T.N.T. I Travel Pty, Ltd, Bulkships,

-Ltd, Montan-T.N.T. Pty, Ltd, I Queensland Railfast Express Pty, Ltd, and T.N.T.-Shulman Airfreight International Pty, I Ltd. At the annual meeting, the chairman (Mr F. W. Miliar) said that the group’s transport activities were going well everywhere, in spite of the more difficult industrial climate in some areas and delays in procurement of new equipment. Commenting on Acme Fast Freight, Mr Millar said that the directors originally did not expect this addition to United States operations to be profitable until 1975, and they therefore expected a reduction in the over-all i profit-to-revenue ratio. “There is a real prospect that the company may come a profit contributor; much earlier than we originally expected,” Mr Millar; said. T.N.T. is expecting very significant growth in the Brazilian group, Pampa- ; 0.T.T., in which the company; has acquired a 70 per cent, interest.