W. Carson profit reflects trend

Press, Volume CXIV, Issue 33649, 26 September 1974, Page 18

W. Carson profit reflects trend

(A’e«> Zealand Press Association—Copyright) SYDNEY. The collapse of wool and meat prices has taken its toll of the Sydney stock and station agent, Winchcombe Carson, Ltd.

The group earnings dropped 19.3 per cent from I last year’s record $1,353,980 Ito $1,092,507. Sales for the | year rose 6.8 per cent. | Winchcombe’s reversal is I similar to that of Dalgety Australia, Ltd, which recently reported a 13.2 per cent fall in earnings to '54,611,000, in spite of a 12.7 per cent improvement in turnover to a record $771.9m. I Australia’s largest rural group, Elder Smith Golds■brough Mort, Ltd, increased ! its net profit by only 11.3 per cent from $9.4m to $10.4m, although at the half-way mark earnings were up 57 per cent. The Winchcombe directors

blame their downturn on the decline in meat exports, a substantial fall in wool prices, higher wages and industrial unrest, the floods experienced earlier in the year, and the sharp rise in interest rates. Results for the first half of the year were buoyant, they say, and at that time trading was expeced to continue at a most satisfactory level. However, conditions deteriorated in the last six months. The annual dividend has' been maintained at 11 per cent. The dividend payment will require $824,743, com- i pared with $753,243 previously;