Bridge 1/2 -profit well up

Press, 2 April 1985, Page 34

Bridge 1/2 -profit well up

NZPA Sydney The Bridge Oil, Ltd, unaudited net group profit for the six months ended December 31 was up 80 per cent at JAust6.ll million. In the corresponding half of 1983 the profit was $3.39M. Turnover was J31.04M (J14.47M). Investment and other income was J6.67M (J4.53M), tax $3.59M (J0.191M), interest $9.93M (J3.93M), depreciation, J4.17M (J3.67M), and extraordinary profit was $7OOO ($308,000). Earnings per share were 4.9 c (3.0). Again, there is no interim dividend.

Gross revenue in the latest period was affected by problems in l.p.g. shipment from the Cooper Basin in South Australia, directors said. The first l.p.g. shipments did not begin until September, 1984, because of installation problems, and soon after the plant was shut down for 25 days because of asphaltine deposits in the de-ethaniser tower. The directors said the interim result included equityaccounted income of J2.45M based on profits from Santos, Ltd, to June 30 last year and

Westbridge Drilling Pty, Ltd, to December 31, plus losses from Bridgefield Pty, Ltd. Practical completion of the 39.6 per cent owned Aredor Diamond project in Guinea is expected by the third quarter of 1985 after the postponement of the original September, 1984, completion date because of adjustment to the operating plant. The directors said the company would change its balance date to the calendar year from January 1, 1986, in line with the financial year observed by Santos and the Aredor project.