Total Holdings profit falls
NZPA Sydney, j The group net profit of ■Total Holdings (Australia) i Proprietary, Ltd, fell 75.2 iper cent to sAusts7B,ooo it j was disclosed in the French-; owned petroleum group’s an-j ■ nual report in the year to; (December 31. ! This was despite a 23.5 per cent improvement in! revenue to $124.1M. The directors said revenue for the year would have, been significantly greater, j but for the serious supply! problems in the last quarter: of the year. I
. Industrial action, which affected Total’s Matraville refinery — as well as most other refineries in Australia — was compounded by technical breakdowns and led to ; product shortages throughjout the Eastern states. As a result, the group was unable to process a large proportion of its Australian (crude oil. The greater pro-1 (Portion of high-cost im-1 ported crude ana motor spir-J jits which had to be used re-i isuited in higher costs of! (sales and reduced margins! and profits, the directors' Isaid.
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Press, 24 May 1977, Page 23
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161Total Holdings profit falls Press, 24 May 1977, Page 23
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