N.Z. Steel profit 51.7 p.c. higher

Press, 30 October 1981, Page 9

N.Z. Steel profit 51.7 p.c. higher

The unaudited group net profit of New Zealand Steel, Ltd. rose 51.7 per cent to $8,529,000 in the six months ended September 30, the directors announced yesterday.

this includes an $895,000 share of retained profits of associated companies for the six months ended March 31, they said. The result was after providing $330,000 less for tax at $2,186,000, and was earned on sales which rose 29.8 per cent to $126.3M.

Domestic sales were 15 per cent higher than sales in the comparable period last year. Additional sales of bil-

lets to Pacific Steel, Ltd. to offset a shortfall in its own production because of a transformer failure, was a major factor in the improved results, the directors said.

Exports from Glenbrook were significantly higher than in the comparable period last year mainly because of export billet sales. Export sales of ironsand concentrate from Taharoa totalled 823,000 tonnes (1980 — 991,000 tonnes). Production at Glenbrook in the period was: Iron, 74,280 tonnes (63,223). steel billets, 76,032 (49,436), pipe and R.H.S. 17,440 (18,612), galvanised flat products, 66,699 (61,496). hot rolled products. 12.748 (11,332). The directors said the result for the year is likely to exceed last year’s figure although the result for the second half may not reach the level achieved in the first half of this financial year.

An interim dividend for

the year to March 31, 1982 of 7c a fully paid-up ordinary share (last year. 6c) will be paid. The payment will be nontaxable for shareholders who have elected to receive a distribution from non-taxable sources in lieu of dividends. The payment will be made on December 10.