Poseidon loss $3.4m
fN.Z. Press Assn — Copyright) SYDNEY. Poseidon, Ltd, the Windarra nickel miner, incurred a group net loss of sAust3.4m in the six months to December 30, after a $2.5m writedown in the value of its investment in Kalgoorlie Lake View Proprietary, Ltd. The write-down reflects a $5.4m write-off of assets in the same half-year by Kalgoorlie Lake because of the cessation of Fimiston Goldmining operations, and the re-assessment of other mining activities. Poseidon has a 47 per cent interest in the company. Poseidon’s group trading loss for the six months fell from $966,000 to $890,000. Sales increased from $4. Im to $10.4m, reflecting a full half-year’s activities at Windarra, which began producing in September, 1974. The profit was after providing $628,000 more for interest charges at $J.3m, and $950,000 for depreciation at sl.6m.
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Press, Volume CXVI, Issue 34104, 17 March 1976, Page 24
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135Poseidon loss $3.4m Press, Volume CXVI, Issue 34104, 17 March 1976, Page 24
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