ICI New Zealand new interests promising

Press, 26 December 1979, Page 7

ICI New Zealand new interests promising

Pa Wellington. Salmon ranching, gold, exploration, and the development of products from] Maui gas are only some of the natural resource areas that 1.C.1. New Zealand, Ltd. is investigating as the! directors prepare to face the challenge of the 1980’s, says I the chairman (Mr E. M. N. I Jackson) in his annua! re-; port to shareholders. The first of the tagged; adult salmon have returned! to the release site on two! South Island rivers. A joint: project was started in part- i nership with Wattie Industries, Ltd, three years ago. The numbers and quality of the returning salmon will enable a decision on the commercial viability of ocean ranching of salmon to be made. On Maui gas. Mr Jackson says that progress has been made, particularly regarding the production of methanol. 1.C.1. New Zealand hopes to be able to supply technology in this area, and has also considered joining other companies in proposals to manufacture and market methanol. The increasing price of gold encouraged the company to continue its investigations in the Coromandel Peninsula, at Tairua. Diamond drilling of prospective ore bodies will be

undertaken early’ in the new (year, says Mr Jackson. I As announced, the year to ! September 30 was one of !strong performance for the group with net profit at $7,400,000. being an all-time high, and $2,200,000 better than the 1978 figure. Sales were up 27 per cent, and exports rose 50 per cent. “Although a strong economy was the springboard of our success, the outcome (was due in no small meas|ure to improved utilisation •of resources," says Mr Jackjson.

The total dividend is being increased from 14c to 16c a share, requiring $2,806,000 covered 2.6 times (2.1 in 1978). The earning rate on shareholders funds was 17.3 per cent, compared with 13.2 per cent in 1978. - The major shareholder in 1.C.1. New Zealand is 1.C.1. Australia, Ltd. which controls 13,149.758 ordinaryshares of a total of 17,536,000, which represents about 75 per cent of the capital.