ICI Aust, sees rise

Press, 27 January 1988, Page 37

ICI Aust, sees rise

NZPA-AAP Melbourne ICI Australia had a 17 per cent increase in profits and sales in the first quarter of the 198788 financial year, ICI Australia chairman, Mr Milton Bridgland, said. Mr Bridgland said at ICl’s annual meeting the company had not escaped the October market collapse, but remained “in a very strong position to ride out any rough weather that may be ahead.” He said the market crash had made it clear the necessary correction in Australia’s trade deficit

must come from established manufacturing industries.

Economic forecasts for the year ranged from downturn to gloom, he said.

“In the face of such uncertainty it will be prudent to tighten expense control and maintain a strong cash position, but without eschewing the attractive trading business opportunities which seem to be continuing, at least in the short term,” he said.

ICI, 62.4 per cent owned by Imperial Chemical Industries pic of the U.K., increased net profit by 56 per cent to sAustlOB.s7 million to September 30, 1987.

Sales were up 18 per cent to $2.42 billion and earnings a share rose to

37.7 c from 24.1 c. Mr Bridgland said Australia’s trade gap would not be reduced by expanding traditional exports, agricultural products and raw materials, or from new service industries and high technology businesses which are growing from a small base. But the full potential of Australia’s manufacturing industry would only be realised after positive support from Federal and State governments, trade unions and employees. Mr Bridgland said the competitiveness of the manufacturing industry would be greatly assisted by reduced corporate taxes and other government and instrumentality charges.