AMOCO AUST. LOSS
Result Best So Far (N.Z. Press Assn. —Copyright) SYDNEY, July 17. Amoco Australia Pty., the newcomer to the Australian petroleum refining and marketing industry, continued to incur losses in 1965 as the company further established operations, directors reported. However, the loss for 1965 was considerably less than incurred in 1964, and was the best result since trading as a petrol marketer began in July, 1962. The loss was 1,210,000 dollars compared with 2,170,596 dollars in 1964. The loss is reached after allowing 1,022,000 dollars depreciation compared with 774,000 dollars in 1964. Directors of the United States-owned company saj that the improved result largely reflected a continuing increase in sales.
Sales rose 32 per cent in 1965—a faster rate of increase than recorded in 1964, when the increase was 27 per cent over the 1963 figures.
The increase is well above the industry average.
The substantial establishment costs incurred in the company’s rapid expansion more than absorbed the benefits of the increased sales.
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Press, Volume CVI, Issue 31115, 19 July 1966, Page 21
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165AMOCO AUST. LOSS Press, Volume CVI, Issue 31115, 19 July 1966, Page 21
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