MIM back in profit

Press, 1 February 1983, Page 30

MIM back in profit

NZPA Brisbane MIM Holdings. Ltd. the major mining house, has returned to profitability in the latest half-year because of a higher over-all sales volume and some better metal prices on international markets, the directors said. In the six months to December 12. 1982. the group posted a consolidated operating profit after tax of sAustlo.3 million, compared with a loss in the previous comparable period of sAust4.s million, they said. Turnover rose 3.4 per cent to $304.96 million from $294.95 million and the interim dividend was a steadv

2c a share. Although the metals and coal miner was in credit for the latest half, it was well below , the profitability seen in the 1980-81 fiscal year, when the group recorded a profit for the year to June, 1981. of $106.4 million. Sales volumes in silver, zinc, nickel, and coal were greater than the previous period and world prices for silver, coal, and iron ore showed a marked improvement. However, copper and lead sales figures were “marginally lower." with copper and zinc prices little changed and lead "substantially lower." Silver output rose to

201,976 kilograms in the latest half from 191,671 kilograms. with zinc up to 57.542 tonnes (54.301 tonnes), and nickel at 2058 tonnes (1275 tonnes). All MIM production was sold but the directors said that the over-all result continued to be "seriously affected” by the general state of the world economies and the consequent unsatisfactory level of prices of the company's products. Income tax for the six months was $2.8 million, compared with a previous tax credit of $2.3 million because of the fall from profitability in that period.