I.C.I.A.N.Z. Still Trading At Peak

Press, Volume CIII, Issue 30469, 17 June 1964, Page 21

I.C.I.A.N.Z. Still Trading At Peak

(N.Z. Press Association-Copyright) MELBOURNE, June 16. Imperial Chemical Industries of Australia and New Zealand. Ltd., continued to trade at record levels in the six months to March 31, when profit jumped from £2,020,000 to £2,527,000, subject to minority interests.

This followed a leap in sales from £34,272,000 to £42,476,000 in the half year. Sales were equal to an annual rate of nearly £Bsm compared with last year’s total sales of £70,230,000. Today’s half yearly profit is subject to outside shareholders’ interest of £199,000. Profit for the first half of last year was subject to outside interests of £114,000 and for the full year £174,000. After deducting minority interests, profit available to 1.C.1.A.N.Z. shareholders is £2,328,000 compared with £1,906,000 for the first six months of last year and £3,649,000 for the full 12 months. The result was after a big increase in depreciation from £1,593,000 to £1,759,000 for the half year. Total depreciation for the year to September 30 last was only £3,209,000.

Provision for tax was down sharply, from £1,582,000 to £1,300,000. This was because of £250,000 benefits from investment allowances. This is £30,000 more than the total £220,000 benefits from these allowances in the 1963 year. In the first half of 1963 they

saved , only £35,000 in tax. Dividend Steady Ordinary dividend is held at 3 per cent (7.2 d a £1 share) and will be paid on September 1. Books close July 28. Sales and profits for the six months include an additional three months by the B.A.L.M. group because of the change in balance date to September 30. Because marketing of Terylene. fibres was taken over by Fibremakers, Ltd., on January 1 an adjustment was made in sales for the six .months to March 31. Increased sales . were achieved in all sections of the business in Australia and also in New Zealand, directors say. Latest profit was earned on average ordinary capital of £34,748,299 against £30,600,000 for the same period of 1963.

Taubmans. —Taubmans Industries’ half-year dividend of 2) per cent on the preference paid up capital will be paid on July 1; ex dividend June 29.—(P.A.)

Love Construction.—The directors of Love Construction have recommended an unchanged annual dividend of 6 per cent. No ex dividend or payable dates have yet been announced. — (P.A.)