Bougainville profit slump

Press, Volume CXV, Issue 33917, 9 August 1975, Page 18

Bougainville profit slump

(N.Z Press Assn —Copyright) MELBOURNE. Lower copper prices, and a cut in production, resulted in a heavy fall in the net profit of “Bougainville Copper, Ltd, in the six months to June 30. The profit fell from $A76.lm to $19.9m. The profit was after providing depreciation of $ 15.8 m ($l5. Im) tax of sB.7m ($42.5m). It included exchange gains of sl.om ($5.9m). Net sales revenue was halved to $83.8m, but the cost of sales financing and other costs were steady at $4Cm. The depreciation charge included an unstated amount for royalties. Production in the six months totalled 14.6 m tonnes of ore (15.1 m with a copper grade of 0.63 per cent (0.69 per cent). Concentrate produced ! totalled 270,211 dry tonnes ; (311,860). I Pioneer not buyer Pioneer Concrete Services, Ltd. has not made an offer to buy part of a property j which was security for a sl.sm loan it made to Patrick Intermaine Acceptances Ltd, as reported earlier by the New Zealand Press Association. Pioneer has “advanced to Patrick Intermaine Acceptances sl.sm secured by first mortgage real property. An offer to purchase part of the mortgaged property has recently been accepted at a figure substantially in excess of that advance and steps to conclude the sale are proceeding.” The buyer was an independent institution whose identity would be disclosed when the transaction was completed.