T.N.T. reports general improvement

Press, 28 February 1980, Page 22

T.N.T. reports general improvement

( NZPA Sydney Improved performances by most of the group’s divisions helped Thomas Nationwide Transport, Ltd, raise group net trading profit 80.5 'per cent to sAust2o.BM in ithe six months to December <3l. • An increased interim dividend of 6c a share (last year sc) is payable on March 28. As previously announced, the group has decided to pay future dividends quarterly. The first, for the three months to March 31, will be payable in May. Revenue and profits from Australian activities were higher, but results of the group’s Canadian subsidiaries were ■ in. line with those for the previous corresponding six months/ The North Atlantic shipping service, Trans Freight Lines, Inc., produced “excellent” results from its services, which had beten expanded to include southern United States ports. The group’s United Kingdom business also recorded [good results. Difficulties being experienced by Brazil, mainly because of the increased 1 costs of petroleum imports, had resulted in a disappointing performance, by the group’s subsidiaries there. In New Zealand, a difficult economic environment had hampered the group’s activities, but reasonable results have been achieved, the directors said. Discussing the group’s

shareholding in Ansett Transport Industries, Ltd, the directors said that a formal take-over offer was made to A.T.I. shareholders with a view to increasing the T.N.T.’s investment to 50 per cent. As of February 21, acceptances of the T.N.T. offer, together with the group’s other holdings, represented 42.6 per cent of Ansett’s ordinary capital. ; The T.N.T. results included equity in the profits of associated companies, which arose mainly through Bulkships, Ltd, interests- in Seatainer Terminals, Ltd, and Union Steam Ship Company of New Zealand, Ltd, and also from Trans Ocean Leasing Corporation. The company’s investment

: in Ansett Transport Industries,' Ltd, and Mcllwraith McEacharn, Ltd, had been accounted for on a dividendsreceived basis only. . During the half-year, the company’s investment in A.T.I. was increased from 13.9 per cent to 22.5 peri cent and the investment in i : Mcllwraith McEacharn rose: from 15.8 per cent to 44.2 per cent. Group revenue for the six months increased 30.1 per cent to 5393.4 M. Paid capital was increased $3,821,000 to $40.7M. Mcllwraith McEacharn reported a 19.4 per cent increase in profit to $2,854,000. Its directors are maintaining interim dividend at 3.75 c a share, which is payable on April 24.