Stanbroke returns to profitability

Press, 21 April 1977, Page 12

Stanbroke returns to profitability

NZPA Sydney Stanbroke Pastoral Company Pty, Ltd, has returned to profitability after two years of losses. The company is a partly-owned subsidiary of the A.M.P. Society. Stanbroke earned sAust2sl,ooo after tax in the year to December 31, compared with a loss of $372,000 in 1975, and $448,000 loss in 1974. Cattle prices had improved since 1975 but present prices were not sufficient for adequate profits, the chairman (Sir Vincent Fairfax) said. In 1976. Stanbroke sold 49,801 cattle at an average of $93 a head, raising $4.6M, compared with 39,798 sold in 1975 at $69 a head, raising S2.BM. The prices paid to the beef industry in Australia should begin to improve by mid-

year after the heavy slaughter in 1976. and early this year. The total herd was expected to decline from 33.4 million in 1976 to 32 million bv 1978. There were indications that the United States cattle population would again be reduced. “This may make their industry profitable again by 1978,’’ Sir Vincent Fairfax said. "The Japanese market for chilled and frozen beef has reopened, but earlier expectations of improved prices on this market have not materialised to date. “The outlook in the E.E.C., whilst slightly more encouraging, is clouded by the system which seems to preclude Australia from achieving worthwhile prices," he said. At balance date the Stanbroke group had 267,930 head (256,564 previously) of cattle and 2078 sheep (1652).