CAIL raises dividend
A 129 per cent increase in group net profit for Coal and Allied Industries, Ltd, in the six months to December 31, has prompted the directors to raise the interim dividend from 6c to 8c a share.
The profit figure of sAust 4,827,000 reflected the continued recovery in productivity which had been evident since the beginning of the last quarter of the June 30 year.
The result Was released almost two months earlier than the corresponding statement last year at the request of Howard Smith, Ltd, the company’s largest shareholder.
Howard Smith, which owns 45.5 per cent of Cail will be consolidating Cail’s earnings for the first time. The result comes after the decision by the New South Wales Government to allow the company to mine 406 M tonnes of coal in the Warkworth area near Newcastle.
The Government’s announcement of its foreign investment guidelines for the mining industry in the state has renewed speculation that Howard Smith and Conzinc Riotinto of Australia, Ltd, may renew their joint takeover offer for the company..
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Press, 4 March 1978, Page 19
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176CAIL raises dividend Press, 4 March 1978, Page 19
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