MIM stronger
NZPA-AAP Brisbane A reduction in long-term debt and a strong increase in cashflow allowed MIM Holdings to strengthen its balance sheet for the fourth consecutive year in 1987-88. The company’s annual report, showed its gearing had fallen 26 per cent from the 1984 level.
The report stated group consolidated gearing in 198788 long-term loans, as a percentage of long-term loans
plus shareholders’ equity and convertible loans — was 46.6 per cent, down from 54.4 per cent a year earlier and a high of 62.9 per cent in 198384.
Excluding the group’s coal project loans, which are separate financings with recourse for principal and interest payments limited to coal project assets and cashflows, the group’s gearing stood at 31.2 per cent on the July 3 balance date. A year earlier it was 37.7 per cent.
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Press, 12 October 1988, Page 39
Word Count
135MIM stronger Press, 12 October 1988, Page 39
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