ICI Aust. raises div.

Press, 8 December 1976, Page 29

ICI Aust. raises div.

\ ! ZPA • Melbourn ICI Australia, Ltd, ht raised its annual divider rate from 12c a share to It a share after group net pn fit rose 48.0 per cent t sAust2l.sM in the year 1 September 30. But the directors of th British-controlled chemict fertiliser, plastics and e? plosives group noted ths the recovery was still nt

e. back to the 1974 level of is $22.’4M. d Sale* revenue rose 24.4 ic per cent to $650.8M. )- The directors said that o profitability throughout the o group benefited from the continuing policy of ine vestment to increase plant il output and productivity. “There was improved deit mand in most sectors of the it business with the exceptions “ of commercial explosives and synthetic fibres,’’ they said. "Increased sales of fertilisers and agricultural chemicals came after the easing of the drought in South-east Australia, and in the south h part of Western Australia, y “There was also a steady s improvement in sales of g heavy chemicals and plas- /] tics, except to the building - industry which remained ,- subdued.’’

i But Fibremakers, Ltt i Id's troubled subsidiary traded at a loss for the second successive year. “The Australian fibres antextile industries have bee: strongly affected by import of garments, fabrics an. varns and the depressei level of customer demand, the directors said. However. Dulux Australia Ltd, and ICI New Zealand ; Ltd. recorded significant im nrov.ements in both sale and profit. The latest result exclude a net loss of $399.00 ($655,000 profit previously), i The profit is after payinj SI.BXI more for interest charges, and after providing $9.2M more for tax at $2O. IM, $3.4M more fot depreciation at $22.5X1 and $1,366,000 more for minority interests at $3,727,000.