APPM profit halved
NZPA Melbourne The half-yearly profit of Associated Pulp'and Paper Mil Ls. Ltd. (APPM) fell 51.1 per cent to sAust2.l2o.ooo. Share trading in APPM has been suspended and the company is soon to be delisted as the take-over bv North Broken Hill Holdings. Ltd. is almost complete. Group turnover was down
9.5 per cent to $162.1M on last year's figures. The company was formed in 1936 to establish the wood, pulp and paper industry in Burnie. Tasmania, utilising Australian hardwood. North Broken Hill Holdings. through its subsidiary North Prospecting Proprietary, Ltd, is now comnletine a ralo.
over of the company. North Prospecting has declared the offer unconditional and announced its intention to proceed to compulsory acquisition of outstanding shares. The Stock Exchange of Melbourne has suspended trading in APPM shares and said that APPM would be dplictArl fmm
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Press, 9 February 1983, Page 29
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140APPM profit halved Press, 9 February 1983, Page 29
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