Bougainville div. restored
NZPA Sydney Bougainville Copper, Ltd, helped by substantially higher sales volumes, a significant improvement in gold prices, and small cost increases, raised pre-tax trading profits 5.9 per cent in the six months to June 30 — a time when average copper prices dropped 15.6 per cent to United States 53.9 c a pound. However, exchange gains realised on the repayment of overseas borrowings increased total group net profit 80.4 per cent, in Australian dollar terms. The interim dividend rate has been restored to 10 per cent from 8 per cent.
Bougainville Copper expresses its results in Papua New Guinea kina, which were worth sAustl,l3 in mid-1977, and $1.23 in mid 1978. Its consolidated net earnings for the half-vear rose KlO.l to K24M. The exchange gains totalled K9.6M, against only K 211,000 last year. They resulted from movements in exchange rates between the times the loans were drawn and repaid. Net sales revenue improved 5.2 per cent to K97.3M. ! Financing, and other costs increased a modest 2.1 per icent to K55.9M.
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Bibliographic details
Press, 19 August 1978, Page 19
Word Count
172Bougainville div. restored Press, 19 August 1978, Page 19
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