Mauri details loud losses

Press, 23 February 1977, Page 23

Mauri details loud losses

NZPA Sydney Mauri Brothers and Thomson, Ltd’s, canned food division lost about sAustl.7M in. the_ year to May and! $854,000 in the six months ( to November 30. The 1975-76 loss was not! disclosed when the company: announced in August that profits had slumped from $3.5M to SI.9M, The directors considered it was better to keep the loss a secret, as negotiations on a major reorganisation of Mauri Brothers Pick Me Up Food Products Ltd’s activities were in progress at the time. It was subsequently announced that H. J. Heinz Co.! Australia, Ltd. was to take-! over Ihe packaging of PMU's beans, spaghetti, soups and sauces at its Dandenong! plant in Victoria, and that 1 other PMU products would be sub-contracted. Announcing "a 10.3 peri cent increase in profits to SI.2M for the half-year, the directors said that the PMU: arrangements would be com-; pleted by the end of March, and would lead to a return to profitability by (he division. Alcan to expand Alcan, Australia, Ltd, has revived plans to expand its Kurri Kurri smelter in the Hunter Valley, to meet an expected growth in the Australian aluminium market. The smelter is now operating at its full capacity , of 43,360 tonnes. The company's group net profit rose! 130.4 per cent to $5.2M for the year to December 31. The improvement has raised the earning rate on capital from eight per cent to 18.4 per cent, and the divi-[ dend has been increased from 4c a share to 6c a! share (6 per cent).