Sons of Gwalia profit up 10pc
NZPA-AAP Perth Record production and a stronger gold price have helped the goldminer, Sons of Gwalia, N 1 (SOG) lift net profit by 10 per cent to sAust24.Bl million (SNZ3I.S million) from sAust22.s4 million (SNZ2B.6 million) in the 12 months ended June 30. SOG told the Perth stock exchange directors had declared a final dividend of 25c a share, taking the full year dividend to 50c compared with 45c for 1986-87.
The profit was eroded to sAustl9.76 million after inclusion of an extraordinary loss of sAusts.os million. The loss resulted from the write-down to market value of listed investments and an adjustment to future tax benefits to reflect revised corporate tax rates applying from July 1, SOG said. Sales by SOG rose 16.6 per cent to sAust4s.l2 million from sAust3B.6B million, as gold production rose to a record 63,660 ounces from 61,535 ounces.
SOG owns and operates the Gwalia mine, near Leonora, in Western Australia, and is a half-owner of the nearby King of the Hills mine in joint venture with Kulim Ltd.
The company secretary, Mr Eardley Ross-Adjie, said a major factor in the profit rise was the strong increase in the average price of gold sold by SOG during the, year, to sAust69l.44 an ounce from sAust6o9.37.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/CHP19880824.2.165.19
Bibliographic details
Press, 24 August 1988, Page 39
Word Count
215Sons of Gwalia profit up 10pc Press, 24 August 1988, Page 39
Using This Item
Stuff Ltd is the copyright owner for the Press. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Copyright in all Footrot Flats cartoons is owned by Diogenes Designs Ltd. The National Library has been granted permission to digitise these cartoons and make them available online as part of this digitised version of the Press. You can search, browse, and print Footrot Flats cartoons for research and personal study only. Permission must be obtained from Diogenes Designs Ltd for any other use.
Acknowledgements
This newspaper was digitised in partnership with Christchurch City Libraries.