Comalco ‘strong’
PA Wellington Comalco, keen to buy into the Manapouri power station and develop a $5OO million fourth potline at its Bluff aluminium smelter, is in a very strong financial position, an Australian broking company says. In a glowing report on the aluminium giant,‘A. C. Goode said Comalco was likely to have debts of only sAustlOOM ($NZ128.34M), compared with shareholders’ funds of sAustl3s6M ($NZ1740.25M), at the end of this year. "Comalco is therefore well positioned to finance expansion or acquisition opportunities through long-term debt and internal cash generation.” It said Comalco cut debt from sAustB44M (SNZIO92M) at the end of 1987 to sAust4slM (SNZS7B.BOM) at the end of 1988. Comalco’s New Zealand managing director, Mr Kerry McDonald, would not confirm A. C. Goode’s predictions, because his company’s annual report would shortly be published, but said the debt/ equity ratio was likely to be “low.”
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Press, 17 May 1989, Page 38
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145Comalco ‘strong’ Press, 17 May 1989, Page 38
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