A.N.I. profit rise improves bid

Press, Volume CXVI, Issue 34107, 20 March 1976, Page 19

A.N.I. profit rise improves bid

(Neu? Zealand Press Assoutaiion —Copyright) SYDNEY. The prospects of the bid by Australian National Industries, Ltd, engineers for pari ot the capital of Bradken Consolidated, Ltd., steel founders, improved after ti e group lie’ profit of A.N.I. rose 30 per cent to SAust‘3.ll. 1 in the seven months to January 31.

A.N.I. has increased its! interim dividend rate from; 12 per cent to 13 per cent, and plans to raise the annual rate from 27 per cent to 30 per cent. Sales rose a marginal five' per cent. It was the seventeenth consecutive half-\ ear period • since 1967 in which profits had risen, the directors said, i A profit for more than $6.Um for the full y ear is expected, yielding earnings of about 22c a share on average ordinary capital for 1975-76. The profit was after providing $420,000 more tor tax at s2.om. and $lOO,OOO more for depreciation at sl.2m. Interest charges fell $400,000 to sl.Bm. ’The profit excludes an extraordinary' loss of $146,00

($351,000 previous was before steady minority interests of $25,000. The dividend increase will provoke thought lor Bradken I shareholders considering A.N I.’s offer of four A N I. shares for every one Brad- . ken share, up to a total of ' Im shares. A.N.I. will have a controlling interest in Bradken (if its bid succeeds. Bradken shareholders have gained from the bid even if they do not accept it — in .>n effort to counter the I offer, Bradken directors announced earlier this week that the company was raising the interim dividend .from 7.5 per cent to 12.5 per I cent. ' The company increased group nei profit 22.7 per cent to - sl.9m in the six months to December 31.

Crane projil trebles ! G. E. Crane Holdings, Ltd,| Sydney .based engineer, staged a strong come-back; in lhe six months to December 31 -— more than trebling; group net operating profit from $224,000 to $937,000. I The profit is 70 per cent j higher than that for the lull, ! 1974-75 year, when the ] group’s earnings slumped ; 76.7 per cent from $2.4m to ($549,296. The fall was ; largely the result ot a write-, down of inventories after! ( the slide in the Australian price of copper. The direc- ; I tors do not expect any w rite-, (down of copper stocks in] the second half of this year. I ' T & G does trail J T and G Mutual Life. 'Society, Ltd, increased its 7investment in freehold and; . leasehold property by Asssm .ito $221 tn in the year to Sep-1 “tember 30. The group’s loans! Jon mortgage declined; ■'5720,000 to $180.3m and! loans on policies w’ere re-] educed $650,000 to $20.5m.| >:Total assets increased during] ; the year $54.8m to $B95mJ ,The accounts disclosed: (details of investment income! J for the first time: after tax; Hof $10.6m this was $49.6ni.| J New business sums assured! -; rose from $764.9m to a new I (peak of $1,016.3m.