COMMERCIAL Auckland Gas sales rose, but so did costs

Press, Volume CXIV, Issue 33672, 23 October 1974, Page 20

COMMERCIAL Auckland Gas sales rose, but so did costs

Sales, in therms, by the Auckland Gas Comany, Ltd. were 60 per cent higher in the six months ended September 30, compared with the corresponding period last year, but most of the increase was to industry, at special rates.

Distribution costs rose sharply. Overtime and service costs also rose because of a shortage of labour, and profit after tax for the six months was in line with that for the comparable period of last year, the directors say in the halfyearly report. Clearance of company land for long-term leasing had been slow, because of the nature of the demolition work and the need to alter the route of the North Shore i pipeline, but this is how 'almost complete. Negotiations have been 1 completed for leasing a twoacre site to the' National Cash Register Company New Zealand Ltd, subject to approval being obtained of the plans for a new headoffice building. An unchanged interim dividend of 3| per cent (3.5 c 4 JF..I. div. steady The group net profit of Amalgamated Wireless (Australasia) Ltd, rose 1.7 per cent to $2,282,012 in the year to June 30, the directors say in a preliminary report. Turnover was 10.6 per cent higher. The company will pay a final ordinary dividend of 5.5 C.P.S. (11 .per cent) making a total of 116 per cent, the same as for jlast year. The shares will go ex dividend on November .11.

a share! will be paid on November 29, ex-dividend < November 13. 1 The installation of addi- ‘ tional treatment plant at I Kapuni will make increased ’ supplies available, but until i completion, in about a year, I the rate of growth of the i company is restricted. i The restricted gas supplies I are affecting sales to indus-ii trial customers, but not to domestic and commercial 1 customers. As more new i i subdivisions are planned the!: demand for domestic gas is I j outstripping resources of 11

pipe and labour, the directors say. The upsurge in industrial demand will not be fully .satisfied until deliveries of natural gas from the Maui off-shore field begin. ■ “It is essential that we be ! given the right to purchase ias much Maui gas as Auckland homes and industry need.

“The reported statement of the Minister of Energy Resources (Mr Freer) that ‘about 10 per cent of the! Maui gas has been tentatively assigned for use as a premium fuel’ is welcomed, but it is in the national interest the demands for the most efficient use should be first priority,’’ the directors say. Sales of chemical products for the half-year rose 61 per icent, including a 59 per cent increase in export sales to i South-East Asia and the (Pacific Islands.