Thiess made very good start

Press, 14 March 1978, Page 22

Thiess made very good start

NZPA Sydney, Thiess Holdings, Ltd, in-jl Creased net earnings 63.5 per! cent to sAustlOM in the six I i months to December 31.

The chairman (Sir Leslie Thiess) said that he expected the trend to continue, and the full year's result to show a significant advance on the $13.8M earned last year. The interim dividend is being increased from 4.25 c to 6c a share which will require S3.IM compared with SI.BM.

j Coal in particular contributed to a 34 per cent rise in sales to $192.2M. Negotiations for the supply of Moura coal to Japanese steel mills had reached an advanced stage. Agreement had been reached in principle over the price and tonnage for the four-year-term of the new contract. The price, effective from April 1, reflected a small reduction from current levels.

Discussions were in pro* gress for the sale of steaming and coking coal from Drayton, in the Hunter ValI ley, New South Wales. The construction division

was profitable, and although) the industry continued to be depressed, Government in-1 vestment in Queensland and! Victoria indicated brighter prospects. Thiess’s international division Itad maintained its profit, in spite of a lower level lof activity in the Indonesian ■. oil industry. A "nominal” loss was incurred again in the group's! pastoral activities because of | 'low domestic and export' [prices for beef. “The board looks to the! future with confidence but it 1 is mindful of factors which] could affect some areas of business, and in particular is I sensitive to conditions ap- ! plying in international econ-: omies generally,” said Sir] Leslie Thiess.