Shell spends more on other resources
NZPA Melbourne “Progress was made in Australia toward fulfilling Shell’s aim of becoming a more broadly-based natural resources development group while retaining a firm foundation in the manufacture and marketing of petroleum and petrochemical products,” the chairman of Shell (Australia) Ltd (Mr L. Froggatt) says in his annual report.
Shell’s expenditure on exploration for oil and gas in 1977 was $6.6M, compared with SB.BM in 1976. Coal exploration and feasibility studies took another S2M (SI.2M in 1976) and metals exploration SI.BM (SI.7M). The net profit of the Shell group of companies in Australia rose 4.1 per cent to $54.1M in the year to December 31, after taxation rose $10.2M to $47.5M, including $4.6M for prior years. Dividends to shareholders were unchanged at $3.3M.
Capital expenditure almost trebled at $105.6M and capital investment in associated companies was up from $14.2M to S3SM.
The return on average net assets was down from 14.4 ner cent to 13.4 per cent. The return on total funds employed dropped from 10.9 per cent to 10.7 per cent.
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Press, 24 June 1978, Page 18
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178Shell spends more on other resources Press, 24 June 1978, Page 18
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