Welgas doubles return

Press, 30 May 1985, Page 20

Welgas doubles return

PA Wellington Income from associates has allowed Welgas Holdings, Ltd, to announce a more than doubled profit of $3,276,000 ($1,558,000) for the year to March 31. The figures include for the first time the equity accounted results of Auckland Gas Company Ltd, and the East Coast Gas Supply, Ltd. Sales were $3,617,000 ($1,805,000). Tax took $1,379,000 ($616,000) and minorities nil ($67,000).

Profits from disposal of investments added $4OOO ($415,000) and profits from associated companies were $1,034,000 ($21,000). The dividend will be 5c a share (10 per cent tax-free), making 10 a share (10c) for the year. Welgas said the level of business activity reported for the first half was maintained. All trading subsidiaries except Wellington Gas Company, Ltd, had satisfactory increases in revenue.

Because of the mildest winter experienced in 42 years, the natural gas supplier in Wellington did not realise its expected heating load but its over-all revenue increased by 5 per cent with sales of natural gas for transport increasing 60 per cent over the previous year. Trading in the CNG and LPG industries remained buoyant and the commitment of Welgas to the application of alternative fuels was now producing satisfactory results.