Alcan profit 7 p.c. down

Press, 7 March 1983, Page 27

Alcan profit 7 p.c. down

Although the group net profit of $3,641,000 was 7 per cent lower than the previous year, it was the second highest on record, the directors said yesterday. Turnover was 12 per cent higher at $59,708,000 ($53,363,000). Without the pre-tax exchange losses of $488,000 ($18,000) on overseas borrowings, the group profit would have been very similar to that earned in 1981. The chairman, Mr A. F. Black, said that, as anticipated in the half-year report, the trading conditions for the second six months were more difficult than in the first half of the year. This reduced level of activity has continued in the new year.

But there are now some signs of an improvement in ' order intake. The directors have recommended an unchanged final dividend on the 50c ordinary shares for the year ended December 31. 1982, of 14 per cent or 7c an ordinary share amounting to $764,611 payable on May 2. Although the dividend rate is unchanged, as a result of the previous year’s bonus issue the total distribution paid in respect of the year under review will have increased by 7 per cent. Approval has been received from the Fees and Distribution Appeal Authority to pay the same percentage dividend on the bonus increased share capital.