Pioneer Sugar profit could be halved

Press, Volume CXVI, Issue 34152, 13 May 1976, Page 20

Pioneer Sugar profit could be halved

(Xcw Zealand Press Association—Copyright) SYDNEY. The poor 1975 sugar cane crushing season has affected Pioneer Sugar Mills, Ltd, and it has forecast a net profit, of $ Aust 7.3 m in the year to March 31—slightly more than half the profit of 1971.

j However, 1974’s $13.6m pro-1 i fit was a record, and the forecast 1975 profit is still more ■than double the net profit ofj 1973. j The forecast profit is based! ion current estimates of finals i sugar prices of $230 a tonne i for No. 1 pool, and $275 a 'tonne for No. 2. These prices. ; compare with $253 and $301: a tonne in the record 1974 year. The weather during the: : 1975 crushing season was the worst on record, and had Continually disorganised har-' : vesting and brought crushing; Ito a halt, said the chairman (Mr R. R. Russell). Despite the boom of 1974:; and the gloom of last year, r 1976 is estimated to be a; record for sugar production, i The company’s three millsH would process record crops. and sugar production would f

! exceed 500.000 tonnes, Mr i Russell said. Pioneer declared a steady rate 24 per cent, but j omitted a 10 per cent bonus : dividend made last year in respect of the record year. i The first sugar miller to report on the 1975 season. Haughton Sugar Company. i Ltd, suffered a large downIturn in earnings which was attributed to the wet weather and increased manufacturing i costs. I II 'uths profit tip \ The unaudited trading iprofit of Woolworths Properlties, Ltd. rose marginally from $652,668 to $666,400 in 'the year to January 28. j Extraordinary items totalled '525,950 compared with $635,753 previously.