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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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Permanent link to this item

https://paperspast.natlib.govt.nz/newspapers/CHP19790822.2.146

Bibliographic details

Press, 22 August 1979, Page 19

Word Count
191

Alcan investment big help to profit Press, 22 August 1979, Page 19

Alcan investment big help to profit Press, 22 August 1979, Page 19