A.P.M. profit cut by tax increase

Press, Volume CXIV, Issue 33446, 30 January 1974, Page 23

A.P.M. profit cut by tax increase

The group net profit of Australian Paper Manufacturers, l.td, for the six months to December 31 rose 5.3 per cent to $7.7m after providing $2.3m more for tax at s4.lm. The tax provision is lower | than the standard rate of 47|j' per cent mainly because of a tax rebate allowed on dividends received and reduc-; J tions for investment allow-

ance and forestry activities. The companv’s pre-tax profits, rose 27 per cent to sll.Bm. Sales rose 18 per cent to slo3m. Sales of pulp, paper and paper-board were 372,580 tonnes compared with 336.4731 tonnes in the corresponding ' 'period. All operating subsidiaries traded profitably during the period with the exception of Integrated Forest Products which had an operating loss of $369,000, although steps have been taken to improve its performance. World pulp prices are continuing to escalate wages and salaries are rising and industrial troubles within and without the company “are ever present,” the directors I say. An unchanged interim divi- ( dend of 4c a share will be .paid on April 18. Shares created by the I recent premimum issue will not rank for this dividend.