Pan Pac sales aid Carter profit

Press, Volume CXV, Issue 33912, 4 August 1975, Page 18

Pan Pac sales aid Carter profit

Zealand Press Association) AUCKLAND. Carter Holt Holdings. Ltd. would have had a far poorer year had the Pan Pae subsidiary not hit profit during 1974-75. The chairman (Mr K. C. A. Carter) says in the annual report that Carter Oji Kokusaku Pan Pacific, Ltd, (60 per cent owned by Carter Holt) made a profit in its first full year of operation.

Mr Carter says that despite a huge production curtailment in Japan, total production of timber and pulp from the Pan Pac Whirinaki mill was freely accepted by the Japanese partners. No figures are given in the Carter Holt annual report on the Pan Pac financial position. However, minority interests’ share of consolidated I profit amounted to $452,314 for the year to March 31. In the previous year, minority interests took a $266,818 loss. It is likely that these minor-1 ity interests are mainly the Japanese shareholders in Pan Pac. As reported, Carter Holt profit for the latest year slipped 4.6 per cent to $2,280,746. on sales which were up $14.4 million to $69.5 million. Mr Carter says the price Pan Pac receives for its pulp bales will be reviewed in I March, and for timber in [September of this year. He adds that despite present problems. Pan Pac is ex-

pected to show a satisfactory result for the present year.