A.M.S. profit slumps
The unaudited group net trading profit of Australian Mining and Smelting, Ltd, slumped 90 per cent, from $Al6.lm to sl.7m in the halfyear to June 30—and the interim dividend has been passed. The figures for the previous corresponding half-year have been adjusted to incorporate the additional 20 per cent equity in Broken Hill Associated Smelters Proprietarv, Ltd. The figures for 1974 have also been adjusted to reflect the reduction in company income tax rates. Tn addition to the trading profit there was an extraordinary profit of $4.3m. The company, the lead-zinc smelting subsidiary of Conzinc Riotinto of Australia, Ltd, had a substantial decline in normal earnings after a reduction in the sales volume of major products, and lower lead and cadmium prices. Because of the need to conserve funds within the group, the directors have decided not to pay an interim dividend. The prospects for an improvement in earnings in the second half are not encouraging, they said.
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Press, Volume CXV, Issue 33941, 6 September 1975, Page 19
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161A.M.S. profit slumps Press, Volume CXV, Issue 33941, 6 September 1975, Page 19
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