Exxon profit rose 39 p.c.
(N.Z. Press Assn. —Copyright) NEW YORK
Exxon Corporation has reported group profits of SUS7OSm for the three months to March 31.
Increasing world demand for its petroleum and, especially, its chemical products brought in revenues of $9,945m in the first quarter, Exxon said.
Revenues in the first three months of 1973 were $6,239m and the profit was ssoBm. Exxon said that about; sBom of its profits for the first quarter would not be made again in the future because they were based on inventories accumulated before the Arab states used oil as a diplomatic weapon and prices were then much lower.
Texaco has reported that it more than doubled its first quarter earnings. It made a profit of $589.4m.
The directors of the Christchurch Gas, Coal and Coke Company, Ltd, have recommended a final dividend for the year to March 31 of 4 per cent, payable free of tax on June 18, ex dividend May 27. In November an interim dividend of 3| per cent loss paid, and the total for the year is thus maintained at 7| per cent.
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Press, Volume CXIV, Issue 33520, 29 April 1974, Page 17
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185Exxon profit rose 39 p.c. Press, Volume CXIV, Issue 33520, 29 April 1974, Page 17
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