Ampol profit rises more than 50%

Press, 27 November 1980, Page 25

Ampol profit rises more than 50%

PA Sydney Ampol Petroleum, Ltd, has finished the September year with a profit rise of more than 50 per cent — but the company’s earnings growth si’imped dramatically in the second half. . The company announced a profit jump from 520.4 M to 530.7 M ,on a 30.5 per cent sales rise to $672. IM. ; The result was by far the company’s biggest ever, yet despite this and the fact that the group has just been taken over by Pioneer Concrete Services, the figures were issued virtually without comment from the directors. They showed that profit; almost doubled in the first: half but improved a modest 7.3 per cent in the second: half. The company also earned a $21.1M extraordinary:

profit in the year ($l3.OMn previously) mainly from the : sale during the year of a ■ large part of the company’s ! holding in Ampol Explora-. tion, Ltd. This raised distributable profit from 533.5 M to SSI.SM. and the directors have raised the ■ dend from 6c to 7.5 c a share. Pavout will rise from , $9.9M to 513.7 M, covered almost four times by total earnings. L The directors said that; there had not been any ma-, terial factor affecting earn-; ings except for the profit from the sate of Ansett; 1 shares; the acquisition of a ■ 66.5 per cent interest in Uni- : :versal Teiecaster Qld, Ltd.: 1 contributed $299,000 to ! .profit in the year. i< I The company’s tax bill; jumped from 59.5 M top ■ 52.4.2 M. Its interest provi-h

ision rose from 510.4 M to $13.1M, and depreciation was down from $12.3M to SIO.OM. Capital increased during the year to 181.902,003 shares by the issue of 34.3 M fully-paid shares, and 5M shares paid to 10c (which have not been quoted). In January, 14M shares were placed with Pioneer Concrete Services, Ltd, at a. premium of 50c, and 18.5M| shares were issued in a one-i for-eight bonus issue. After a series of defensive moves, the Ampol board fi-| 1 nally capitulated on November 4 to an on-market take-; over by Pioneer at 200 c a : share, which valued the! at almost S4IOM. | On November 7 at the end ■of the offer. Pioneer an-! ■, nounced that it controlled, more than 120 M Ampol' !shares (64.4 per cent). i