Hamersley down
NZPA Melbourne Hamersiey Holdings, Ltd, the iron ore exporter, had been working at a loss in recent months because of the continuing world steel recession, the appreciation of the Australian dollar against the United States unit, in which contracts were written, and industrial disputes, the directors said.
Hamersley, which is subject to a takeover offer from its majority shareholder, CRA, Ltd, was reporting results for the half-year to June 30. The profit fell 84.2 per cent to sAust6.6 million, and no interim dividend had been declared.
The dividend-last year was 9c a share (36 per cent). Ore shipped fell 32.3 per
cent to 14.3 million tonnes, and sales revenue declined 28.1 per cent to $214.9 million.
Earlier this year Hamersley negotiated an 8.5 per cent price rise for deliveries to Japanese steel mills, but in his annual address to shareholders in April, the chairman, Mr Russell Madigan, said the increases were well below the level required to compensate for cost increases and the. continuing revaluation of the Australian dollar.
Saleable ore produced during the period dropped 29.1 per cent to 14.8 million tonnes.
Tax fell S33M to $12.5M, and depreciation declined $2.7M to $35.8M.
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Press, 3 August 1981, Page 20
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196Hamersley down Press, 3 August 1981, Page 20
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