C.T.P. set to do well

Press, 9 August 1980, Page 18

C.T.P. set to do well

Now that the Australian joint-venture project was safely underway, the stage was set for further progress by Canterbury Timber Products, Ltd, said the chairman (Dr O. F. Haylock) at a wellattended annual meeting yesterday. “I am confident that C.T.P. has the ability to develop still further, and to produce even better results than those reported here today.”

His comments seemed to be borne out when he told shareholders that the continuing success of the C.T.P. team was shown by the results for the three months since the March 31 balance date when production at the fibreboard plant had increased 18 per cent on the same period last year. “The domestic market con-

tinues to be very firm, and sales and inquiries on the export markets at stronger levels than before,” Dr Haylock said. It was pleasing to report that the only overseas debt now remaining from the r.-oney borrowed overseas to finance the company, was a final instalment of $65,000 on the U.S. Exim loan. This would be repaid next month. “The rapid movement in the company’s financial position could not have been achieved without the high level of production of top quality board from our mill. “It becomes easy to expect that a daily output of 150 tonnes is now the norm, with occasional days up to the 180 tonne mark, without taking into account the planning and work involved.”

The agreement with A. V. Wehl Industries, Ltd, to build a medium density fibreboard plant at Wagga Wagga, New South Wales, would provide considerable benefits to C.T.P. A site had been purchased near Wagga Wagga and plant had been ordered for delivery by the middle of 1981. Work on the site would begin as soon as environmental clearance had been given, he said. The directors were aware that the total return on income in the six years since the share capital was invested was still only 28c a share, or about 4.5 per cent a year, but it was hoped that the dividend policy in the future would meet with shareholders’ approval, he said.