NEWS IN BRIEF

Press, Volume CXIV, Issue 33478, 8 March 1974, Page 15

NEWS IN BRIEF

Big rise for Con. Cold

The group net profit of Consolidated Goldfields of Australia, Ltd, rose 86.3 per cent to $3.6m in the six months to December 31, compared with the same pqriod of 1973. An unchanged interim dividend of 6.5 c a share will be paid. The group’s profit in the current six months will be affected by higher wage I costs, and lower metal ) prices, the chairman (Sir Brian Massey-Greene) says. I The profit was after providing s2.lm more for tax at $4.6m.

L.N.C. profit doubled

L.N.C. Industries, Ltd, the diversified Australian motor industry group, recorded a 154.7 per cent rise in net profit in the half-year to December 31, which included one month’s earnings from the recently-acquired Larke Consolidated Industries, Ltd. The group net profit rose to $1,297,366 and was achieved on sales only 35.6 per cent higher. The interim dividend is unchanged at 3.75 c, a share on the higher capital. I Rheein record

Rheem Australia, Ltd, had a profit rise of 8.3 per cent, to a record $4,069,000 in the year to December 31, but short of the profit predicted by directors in the half-year report. The profit came after providing 2.5 per cent less for tax at $2,730,000 and 12.7 per cent more for depreciation at $2,650,000. The final dividend of 4c a share maintains the annual rate at 8c and is covered twice by the profit.

Elder Smith dir. up

Gross revenue of Elder Smith Golsdborough Mort, Ltd, for the six months to December 31, rose 33 per cent and unaudited net operating profit by 57 per cent compared with the same period of 1973. Higher livestock and woo) prices and greater demand for rural and industrial merchandise gave the increase. The interim dividend has been raised 2c to 7c a share. It is not expected that profits will maintain the same rate of improvement during the second half of the year, the directors say. The floods in Queensland and New South Wales are not expected to affect the groups overall results to a marked extent.