ICI Australia profit ahead in first-half
NZPA Sydney] ( The group net profit of; ICI Australia, Ltd, rose 9.9 ■ per cent to sAust2l.6M in (the six months to March 31. i An analysis of the figures | reveals a strong improve[ment in the group’s trading performance, and the basis for a better second-half. i Pre-tax trading profit rose i 33 per cent to $39.9M in the (latest half on sales which : grew only 16.7 per cent to 5442.3 M. i This rise was offset, by a 127.2 per cent decline in inicome from investments, i interest and royalties rejceived to $5.7M. Much of this fall can be .(explained by the drop in (interest income as the group’s surplus funds are| .'poured into the major capital projects currently under way. (In addition, a change in (the timing of receipts of (dividends from associated (companies contributed to the decline in non-trading income). Two of the capital projects — the S6OM poly propylene plant at Botany i and the S36M PVC plant at ( Laverton, Victoria — are; due to come on stream in j the second-half of the current year.
On the trading front, the iirectors reported particular improvements from the ICI <ew Zealand, Ltd, and from Dulux Australia. Ltd. ICI New Zealand incurred in earnings decline in the previous first-half, and the iirectors said the latest re-
suit was aided by increased activity in the New Zealand economy.
Dulux, which also had a profit drop previously, benefited from increased sales ot paint to both the motor vehicle and building IndustrieBetter rural conditions saw Id’s rural chemicals ;group return a better result, while the group’s synthetic i fibre group was helped by I Government restrictions on textile imports.
The directors also reported a strengthening in demand for the products of its plastics, commercial exi plosives and heavy chemicals groups during the period.
Extraordinary profits in the latest period were lower iat $292,000 ($1,894,000 pre Iviously) while interest expense and depreciation were (virtually steady at S7.BM
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Press, 13 June 1979, Page 23
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328ICI Australia profit ahead in first-half Press, 13 June 1979, Page 23
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