COMMERCIAL NEWS IN BRIEF

Press, 28 February 1981, Page 20

COMMERCIAL NEWS IN BRIEF

Mayne Nick. Multinational transport and security group, Mayne Nickless, Ltd, reported a fit for the six months ended December 31, 31 per cent larger on turnover 32 per cent higher and declared an interim dvidend 1.5 c improved to 6.5 c. Profit was $10.9M compared with the 1979 interim of SB.4M; turnover rose to S22BM from . SI73M; after tax was S7.BM compared with S6.IM, the board reported. Blair Athol CRA Ltd has brought forward the starting date of the SSOOM Blair Athol steaming coal project in central Queensland by a year, to mid-1984. Blair Athol will export 5M tonnse of coal a year — to be come Australia’s biggest steaming coal export project. The mine is port of Hay Point and 25km from Clermont. Clermont is about 1000 km northwest of Brisbane. Blair Athol is owned 62 per cent by CRA and 38 per cent by Atlantic Richfield, of the U.S. ASEA Invoiced sales worldwide of the ASEA group increased in 1980 to $2,873 million, from 2707 in 1979. Operating earnings of the group in 1980 totalled $89.2 million, compared with $77.6 million in 1979. The results of the New Zealand company, A.S.E.A. Electric (N.Z.) Ltd, with a 45 per cent increase in order bookings, were even better than those of the parent company in Sweden. One of the major contributing factors to the New Zealand results was the first full operating year of the company’s new factory at Paraparaumu. This factory was set up as part of the parent company’s additional investment in New Zealand, the capital of the local company being increased from $500,000 to $2 million. Bonds Coats The textitile conglomerate, Bonds Coats Patons Ltd made a partial recovery from a severe profit slump in the first half of 1980 to post a full-year profit of $9.0M,*20.6 per cent below the 1979 profit of $11.3M. The first-half profit of $4.7M was 33.5 per cent below the S7.OM profit for the previous corresponding period. The directors said that the improvement confirmed indications of better prospects mentioned in the half-yealy report. Caltex Aust. The Caltex group of companies in Australia planned to seek Australian participation in its operations there, the chairman and • chief executive (Mr J. A. Landels) announced. Mr Landels also confirmed that discussions were taking place, with H. C. Sleigh, Ltd, on the proposed sale of Sleigh’s investment in Golden Fleece. Petroleum to'Caltex;'.:-,<- 1 - T . Discussions would be 'held with unions, service station dealer •• associations, distributor associations, and other interested parties, he said. ■ Placement Mineral Resources (N.Z.) Ltd, in terms of the authority , granted to directors at the 1980 A.G.M., -has made a placement of 400,000 shares to New Zealand io-

vestors at 60c a share — a premium of 40c a share. A significant proportion of the placement has been allotted to large life offices and institutions. Oil Drilling Oil Drilling ' and Exploration, Ltd, Sydney, reported a record profit for the December half-year, more than double that of the previous corresponding period, and expects to do at least as well in the second half. Shareholders are given a one-for-three bonus issue. Profit rose to S2.IM from $863,000 previously on turnover of $15.9M, up from SB.9M. Qlcl Mines Queensland Mines’ Nabarlek uranium mine investment has finally paid off with a profit of $6.6M for the year 'to December 31; a huge turnaround from the previous year’s $62,000 loss.' • The profit came on slightly increased turnover of $24.7M, but this year the company was liable for tax, amounting to SI.3M. The mine came into operation last year and produced 1,006 tonnes of U3OB. The profit represents earnings of 34c a share, and is after capitalising the $13.1M Nabarlek development costs and Westmoreland exploration expenses. Despite the profit, Queensland Mines, 50 per centowned by Kathleen. Investments (Australia), Ltd, will not pay a dividend. Winstone Winstone Wallboards, Ltd, a member of the Winstone Group, has purchased for an undisclosed cash sum two privately-owned Auckland building products companies, Glamatex Products, Ltd, and Marblestone Industries, Ltd. ’ The consideration includes the purchase of a major holding (20 per cent, with an option to purchase a further 20 per cent) in an Australian subsidiary, Glamatex Distributors, Ltd. Glamatex Products manufactures a range of internal and external textured paint finishes. Marblestone Industries manufactures and distributes a range of building materials including building trade adhesives, pebble flooring, chip finishes, and artificial brick cladding. Peko set back Lower world metal prices and slower-than-expected progress on the Tennant Creek mining and smelting operations left Peko Wallsend, Ltd, with a substantially reduced profit in the six months ended December 31. Although turnover rose 33 per cent to S2BSM, and tax dropped to $600,000 from $4.6M previously, profit fell 34 per cent to SII.BM. The interim dividend is being maintained at 10c a share, payable April 22; Coal Allied Coal and Allied Industries, Ltd, the Hunter Valley miner, reported a fist half operating loss of $315,000, but is maintaining interim dividend at 8c a share because of expectations of a better second half. The company slipped into the red in the second half last year when it had an operating loss of $307,000, after a first half profit of $2.2M. The year’s result was a far cry from the' 1978/79 profil; of 512.6 M. ,