Burmah profit in Australia higher

Press, Volume CXIV, Issue 33665, 15 October 1974, Page 25

Burmah profit in Australia higher

(New Zealand Press Association —Copyright) SYDNEY.

The group net profit of Burmah Oil Australia, Ltd, rose 32.2 per cent to $2,667,031 in the year to December 31.

In addition, gains on foreign currency realignments rose $620,651 to $6,973,870. Once again, no dividend was declared. Provision for tax was up $2336 to $14,407, and for depreciation was $90,983 higher at $422,264. The total shareholders’ funds rose from $17.7m to $47.1m. This was aided by an increase in share premium reserve sB.lm higher at $17.7m. i Earnings on shareholders’ funds at the beginning of the year was 9.1 per cent. The balance sheet shows spending on exploration and development of petroleum and natural gas properties was up from $66.3m to a total of $83.0m, an increase iof $16.7m.

Among the company’s better known subsidiaries are Castrol Australia, Pty, Ltd, Woodside Burmah Oil, N.L., Expandite-Rawlplug (Aust.) Pty, Ltd, Reef Oil, N.L., and Basin Oil, N.L. Reef and Basin have a stake in the Cooper Basin gas fields that now supply Adel-

aide and will service Sydney in the future. Woodside is the largest tenement holder on the North West Shelf with its potentially rich oil and gas fields. Depreciation was up from $331,281 to $422,264. The ultimate parent company is the Burma oil group, of London.