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Newspaper
Canberra Times
Location
Canberra, Australian Capital Territory, Australia
Date
Jan 23, 1968
Page
3
Australian Paper Manufacturers Ltd reports a strong gain in group net profit for the November half year on the back of higher sales and substantially lower taxes.
The Mutual Life and Citizen Assurance Co Ltd reports 401 million dollars of new life insurance business in 1967. Insured capital stood at 41 million while the year before showed 60 percent. Dividends remained at 34 percent, with earnings improving through a strong performance by the MLC group and ordinary branch activities.
The report outlines railway expenditure totaling 59 million last year for rolling stock, plant and equipment, with 1.4 million revertible stock and related purchases. It notes large outlays for steel products, electrical ranges, welding materials, and sleepers while detailing departmental purchases and the impact on jobs and maintenance.
A Reuters report shows Greenvale nickel deposits with lateritic ore and potential 50 million ton tonnage. Costs to extract could exceed project economics as drilling indicates sulfur content and ore grades vary. The company confirms exploration drilling and a mid October plan, with capital needs and market reactions noted.
Peko-Walleend Investments Ltd boosts Interln dividend from 9 percent to 11 percent, aiming for an 18 to 24 percent full year payout. The group reports higher profits driven by copper prices and costs, with a 340,000 dollar dividend from Roy Tile and Zircon Mines. Trading results for Mount Margon will be reported separately by the company.
New BH Metals and Zinc Corporation reported 1967 ore results with higher zinc output but reduced lead and silver compared with 1966. The Zinc Corporation, wholly owned by ICRA, produced slightly denser overall ore, while New BH’s ore yielded less lead and silver. Company chairman noted improved ore grades in zinc, with updated figures indicating 749,281 pounds of zinc valued at Wan Wa and ongoing exploration in the Hunter River region.
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