T.N.T. profit 25% up

Press, 4 March 1981, Page 19

T.N.T. profit 25% up

NZPA Sydney Thomas Nationwide Transport, Ltd, assisted by earnings from Ansett Transport Industries, Ltd, and Mcllwraith McEacharn, Ltd, has reported a 24.5 per cent

increase to sAust2s.9 million in the half-year to December

Turnover rose, 23.1 per cent to $474.3M.

The interim dividend is unchanged at 6c a share (12 per cent).

Ansett and ■ Mcllwraith profits were equity-ac-counted for the first time. Previous!}' they were accounted on a dividends received basis. Extraordinary items add $4.6M to the profit, after a loss of $268,000 in the previous year. These included net

currency losses of $1.29M compared with a loss of SI.3M the previous first-half; investment profits $10.3M; shipping operations writeoffs of $10.2M; and a profit of $3.7M on the sale of subsidiaries of associated companies. Revenue and profits from Australian activities were higher, reflecting an over-all improvement in the economy. the directors said. U.K. operations made good progress, but growth in Canada was eroded by the country's weakening economy and the effects of major difficulties. in the United States motor vehicle industry. The North Atlantic shipping service of Trans Freight Lines, Inc., maintained a strong market position de-

spite a bout of severe price cutting which, coupled with problems associated with the integration of some Seatrain activities, adversely affected results in the last quarter of 1980. However, vessels were now sailing substantially fully-loaded at improving freight rates and substantial profits are anticipated from this operation, they said. The results of Brazilian activities were in line with those for the previous corresponding period, but results deteriorated in New Zealand. The outlook for the full year was for profits well in excess of those for 1979-80. Tax for the latest six months rose SB.9M to $23.2M, and depreciation increased S2.IM to $11.6M.