BHP looking strong
NZPA-Reuter Sydney Australia’s largest company, the Broken Hill Pty Company, should post a fairly strong three-quar-ters profit result on Friday, bolstered by solid performance from its steel division.
Analysts’ net-profit forecasts range from sAust72oM to SBOOM for the three quarters to February 29, up from the previous three quarters’ result of $699M. The company reported a 9.3 per cent rise in first-half to $523.8M from $479.1M for the corresponding period in 1987-88.
A BZW Meares analyst, Mr Richard Kornman, said he expected a substantial increase from the steel division from last year. Analysts said the higher Australian dollar will also have contributed to the
three quarters’ result.
Mr Kornman calculated the Australian dollar’s value at an average U587.70c for the third quarter, compared with USBI.6OC in the second. Every one U.S. cent movement in the exchange rate represented sAustl7M on BHP’s bot-
tom line. Mr Barry Dawes, analyst with Bain and Company, who sees a third quarter result of about S79OM, with a SIOSM contribution from steel, said he also expected improved results from BHP’s petroleum division.
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Press, 30 March 1989, Page 21
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180BHP looking strong Press, 30 March 1989, Page 21
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