W.M.C. profit fell 13 p.c.

Press, Volume CXIV, Issue 33609, 10 August 1974, Page 13

W.M.C. profit fell 13 p.c.

(N.Z. Press Assn—Copyright) SYDNEY. The group net trading profit of the Western Mining Corporation, Ltd, for. the fifty-two weeks to June 18, was 13 per cent lower at $14.4m but sales revenue rose 11.9 per cent to slol.Bm. Sales of nickel rose from 37,700 tonnes to 44,000 tonnes. After allowing for accounting changes introduced in the last year, net operating surplus of the group was $15.9m or 3.8 per cent lower than the previous year’s $16.58m. Tax provision rose to $7.9m from s7.Bm. This included a provision for future income tax of s7.Bm ($7.7m) and current tax of $120,000 ($60,000). The total tax provision is less than 47.5 per cent of pre-tax profits because of investment allowances, rebatable dividends, and other allowances. The provision for depreciation increased to $12.9m from sll.6nhand exploration expenditure written off rose to $2.5m from $2.3m. Interest charges increased to $3.6m from s2.Bm.

Ampol Miller , Apipol Petroleum, Ltd, says that it will not proceed with its take-over offer for the remaining shares in R. W. Miller (Holdings) Ltd. But the directors said that they would be prepared to give the remaining shareholders the opportunity to dispose of their shares in the market and in the ordinary course of business.

Business personal Mr A. Smith, formerly group secretary of Wattie Industries, Ltd, has been appointed group finance manager. He succeeds Mr D. J. McLeod, the new chairman of directors. The former secretary of J. Wattie Canneries, Ltd, Mr A. Bowes, becomes the new secretary’ of Wattie Industries.