BRITISH FIRM'S RECOVERY.

Evening Post, Volume CV, Issue 24, 30 January 1928, Page 12

BRITISH FIRM'S RECOVERY.

A trading profit of £273,338 was earned in the year ended 30th September by Dorman, Long, and Company, the famous Middleburgh engineering firm, who are the contractors for the Sydney Harbour Bridge. This not only marks a substantial recovery from the preceding year, when the company incurred a trading loss of £178,962, but represents a fair improvement on the total of £231,170 shown for 1924-25—a year free from industrial troubles. The directors state that the results of the coal stoppage of last year continued ■well into the early part of the twelve months covered by the latest report, and that considerable losses were incurred in the first half-year's working. During the second half of the year, however, profits were earned sufficient to wipe off these losses and to leave a balance of profit. The year's revenue has been sufficient to meet the debenture service, and to pay fifteen months' interest on the company's 6 per cent, cumulative preference shares, thereby bringing the payment on those shareH up to date. After making these payments, a credit balance of £2108 remains to be carried forward. The company is still unable to pay anything on its £6,000,000 of ordinary capital. Progress reports from the company's resident engineers on all bridge contracts are stated to be entirely satisfactory; no profit has been taken into this year's account in respect of bridges which are still in course of construction.