Alcan investment big help to profit
NZPA Sydney A substantial tax benefit offset a fall in income, and helped the Alcan Australia, Ltd, group to a 95.1 per cent rise in net profit in the six months to June 30. Alcan’s revenue rose 22.8 per cent to $59.5M but pretax profit increased only 6.8 per cent, to $6.3M. The latest pre-tax figure
1 1 includes interest income of J only $251,000, compared J I with interest income of 'lsl.4M in the previous first , half-year. H Early in 1978, Alcan was . I earning substantial interest ‘ j income from cash waiting to ■ be spent on the Kurri Kurri i' smelter expansion, which • has now been completed (ali though further expansion is about to begin). ! If the group’s interest in-
’ come in the two periods is ! ignored, pre-tax earnings t rose 15.8 per cent. Because of substantial investment allowance benefits, > Alcan had a tax credit of : $793,000, against a $2.3M i tax bill in the previous first i half-year. i The group’s chairman (Mr ■ J. B. Clarkson) said that dei mand for Alcan’s products was strong, and orders were “well ahead of 1978 levels.”
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Press, 22 August 1979, Page 19
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191Alcan investment big help to profit Press, 22 August 1979, Page 19
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