Alcoa reports fall

Press, 26 April 1978, Page 29

Alcoa reports fall

1 NZPA Sydney Alcoa of Australia. Ltd, has reported a 30 per cent profit drop in the first quarter of 1978. The company, Australia’s ; largest alumina producer, reported a net profit of sAustl2.4M for the three months to March 31, compared with $17.8M for the previous corresponding i period. However, the results have been affected to a substantial extent by a change in I accounting. The depreciation charge (which is not disclosed) is said to be much higher than in 1977. i The provision for taxation is $12.7M compared with 513.2 M which. nrovided

there are not substantial abnormal items, would tend to indicate that the earniqgs drop was much gentler than the published figures suggest. In their brief statement, the directors reported that the lower profit in the 1978 quarter principally reflects lower shipments of both alumina and aluminium. The average prices were higher, and revenue was up slightly from $99.9M to SIOOM. Despite the brief nature of the announcement it represents a change in Alcoa’s reporting policy, it is because the first time the company has reported quarterly in Australia.