Acmil profit rises 5 p.c.

Press, 4 March 1978, Page 19

Acmil profit rises 5 p.c.

The group net profit of Acmil, Ltd, rose 5.2 per cent { to $Au5t5,338,000 in the six ( months to December 31, on sales up 19.4 per cent to $118,288,000.

A one-for-eight rights issue at a premium of 25c a share will be offered to shareholders. This will raise $6.4M, and the directors say that in . the absence of unforseen circumstances the present dividend rate will be maintained on the increased capital. The results were adversely affected by the Victorian power dispute and by losses associated with running-in of the timber division’s new mill at Tumut. The mill has now achieved break-even point and a satisfactory return on investment is expected, said the chairman (Sir John Marks). The profit was after providing $671,000 more for denreciation at $3,114,000. $838,000 more for interest payments at $2,287,000, out $95,000 less for tax at $3,583,000.

The result excludes an extraordinary profit of $84,000 ($124,000 previously). A steady interim dividend of 2.5 c a share (5 per cent) is payable on April 28, on capital increased by the one-for-10 bonus issue made in November last year.