Hamersley profit rate increased
NZPA Sydney Hamersley Holdings, Ltd. increased pre-tax trading profit on each tonne of ore shipped in the March-quarter to sAust2.47 from the depressed $1.33 level for the previous corresponding period. The sharp recovery mainly reflects economies of scale as ore shipments recovered to 9,332,000 tonnes from 6.270,000 tonnes, which reflected the full impact of cutbacks by Japanese steel mills. Revenue on each tonne of ore fell marginally from: $11,85 to $ll.BO.
Other factors helping the result were some minor pricing gains on deliveries to European steel mills, and a more favourable exchange rate with the United States dollar — the currency in which all of Hammersley’s sales contracts are written. Trading profit for the March-quarter rose $7.9M to $12.3M. After provision of SI.9M (down $816,000) for possible exchange losses on future loan repayments, net profit jumped from SI.7M to $10.4M. Sales revenue rose 48.2 per 'cent to 5110.2 M.
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Press, 21 April 1979, Page 19
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152Hamersley profit rate increased Press, 21 April 1979, Page 19
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