Refining dividend increased

Press, 9 April 1981, Page 23

Refining dividend increased

The unaudited tax-paid profit of NX Refining Company, Ltd, for the year ended December 31 was $5,726,000; this includes an after tax adjustment of $765,000 in respect of the 1579 portion of a revised fee formula approved by the Government. Restating the 1979 profit to include this adjustment provides the following comparison - 1980. $4,961,090 - 1979, $3.192,000 — an : increase of 55.4 per cent. The charge for taxation on the total income for 1980 is $6,002,000 (1979, $3,135,000) an effective tax rate of 512 per cent. The improvement in profit results from discussions which were initiated with the Government in 1978 to recognise the significant achievements by the company in its refining activities, and which were brought to a favourable conclusion during the 1980 financial year, the directors say. throughput for the year totalled 2,915,000 tonnes compared with 3,072,000 tonnes in 1979. The lower throughput results from the major overhaul whch closed the plant for some five weeks during April and May last year. The directors recommend a final dividend of 7 per eent (7c a share), payable on June 3, making a total of 12 per cent for the year (1979, 9 per cent).