Comalco dividend 8c

Press, 26 February 1977, Page 16

Comalco dividend 8c

Comalco, Ltd. is raising! its annual dividend rate’ .from a heavily reduced 2.75 c; a share (5.5 per cent) to Bc' a share (16 per cent) after group net profit rose to a[ record $26.4M in the year to| December 31. the directors! .say. I The profit, which includes: equity results from associated companies is more than four times the previous: year's result and represents, a return of 13.6 per cent on average shareholders' funds. The dividend will require: 512.0 M, which is slightly better than the 45.0 per cent of earnings promised for basic dividend policy in the

[company’s 1970 prospectus. I It also partly atones fori| the sharp dividend reduction [ ‘in the previous financial ii year. ‘ When the directors an-; nounced a 3-for-20 premium [issue in April 1975, they: forecast that the 1975 divi-l idend would be a steady 6.5 c , a share (13 per cent). However, the severity of the aluminium recessior , slashed group net profh from $17.3M to 56.3 M. and the annual dividend rate tel, from 6.5 c a share to 2.75 c a share. The final dividend of 5.25 c a share is payable on May 4. ex dividend March 14.