Alcan slows up

Press, 12 August 1980, Page 23

Alcan slows up

The unaudited group net profit of Alcan New Zealand, Ltd., was $1,408,000 for the six months to June 30— an advance of $6OOO on the 1979 June half.

Alcan also had a profit of $175,000 (nil last year) on the sale of surplus assets, taking the total profits 14 per cent ahead of the figures for the previous period.

Turnover was 24 per cent higher at $21.8M. Export activity ' played a major part. Shipments were close to S4M, S3M hgiher than the 1979 June half, and just below the $4.7M for all of 1979.

Against those factors. Alcan’s share of income from

associated companies exactly doubled to $192,000, and the half finished with a tax credit of $42,000 compared with a previous provision of $904,000. . ’The latest profit reflected substantially higher costs of borrowing, both locally and overseas. Pre-tax interest and exchange losses rose from $403,000 in the 1979 June half to $928,000.

During the early months of the half, output was constrained by inability of the Bluff smelter to. supply aluminium in accordance with Alcan' requirements, “and significant, export sales were lost.”