COMMERCIAL A.P.P.M. profit rose 64 p.c.

Press, Volume CXIV, Issue 33451, 5 February 1974, Page 10

COMMERCIAL A.P.P.M. profit rose 64 p.c.

(N.Z. Press Association) WELLINGTON, February 4. The unaudited group net profit of Associated Pulp and Paper Mills, Ltd, for the six months to December 31 rose 63.6 per cent to 53.6 m the directors say in a half-yearly report.

-i the extent that raw material 11 supplies were procurable. y World shortage of wood ejpulp is causing steep in--11 creases in costs and restric- ) I ting the quantity procurable ■ for paper manufacture. i Shipping problems, arising . from the world oil crisis, J have created further diffi- . j culties in the transport of J materials. JI The improved rate of contribution by timber and parI tide board operations has been maintained. The wood-chip sales only related to the start up period of the project. Wood chip sales rose $4.7m to $6.4m and timber I sales sl.2m to s6.om. Trading for the second half of the year started sat-

The profit was after providing $64,000 less at s2.Bm for depreciation, but sl.sm more at s3.Bm for tax. The result included $lOOO capital profit compared with $79,000 in the previous corresponding period. There was a strong market demand for the company’s range of papers j which enabled it to utilise 1 manufacturing capacity to

I isfactorily, the directors say. An unchanged interim di--1 vidend of 4c a share (4 per • cent) will be paid on April ■ 26. j The new shares issued in November 1973 participate ; in this dividend.