MERCANTILE MUTUAL
Record profit expected NZPA Sydney Mercantile Mutual Insurance Company, Ltd, is headed for another record in 1976-77 after a 58.5 per cent rise in profit to sAust2.BM in the six months to December 31. This includes extraordinary profits and minority interests. The group net profit of $2.5M is still 50.5 per cent up on the previous corresponding period, and only SI.3M less than the profit for the past financial year. The directors said that the underwriting result for the latest six months was affected by a large number of claims arising from the severe hailstorm in Sydney on November 10. They did not reveal the extent of the underwriting result. Net premium income for the half-year rose 22.4 per cent compared with the previous corresponding period. The interim dividend has been held at 8c a share, payable on March 30. The profit was after providing $2.3M more for tax at 52.9 M and $158,000 more for depreciation at $332,000. Interest payments rose $170,000 to $895,000.
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Press, 26 February 1977, Page 17
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167MERCANTILE MUTUAL Press, 26 February 1977, Page 17
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