Weeks up 110%
NZPA-AAP Melbourne Bell Resources’ 94 per cent owned Weeks Petroleum lifted interim net profit 110 per cent to $U521.84 million, in spite of a rise in sales of only 2.2 per cent to SUSB.7I million and a 92 per cent drop in other income to $U520.48 million. Bell Resources said in a statement with the results that Bond Corp Holdings, now in control of Bell Resources, had not finalised its plans for its assets. “An announcement will be made by Bell Resources if there is any
significant change in its shareholding in the company,” it said. Weeks’ main asset is a 2.5 per cent royalty on Bass Strait oil and gas production. Weeks’ pre-tax profit was $U526.95 million in the six months ended June 30, from $U516.17 million. Tax was SUS2.I4 million from $U55.75 million, interest rose to $U59.22 million from $U55.34 million and the company reported an extraordinary gain of SUSI. 42 million. No dividend will be paid.
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Press, 24 September 1988, Page 36
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162Weeks up 110% Press, 24 September 1988, Page 36
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