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Newspaper
Canberra Times
Location
Canberra, Australian Capital Territory, Australia
Date
Mar 10, 1972
Page
7
McPhersons Ltd reports a 20 percent rise in half year net profit to 1,690,963 on sales up to 312 million for the Melbourne group. Directors warn that Victorian power strike and weak industrial market sentiment hurt current trading. Interim dividend payable April 28 to shareholders on April 6.
The BHP Esso partnership reports oil shows from Mackerel 2 in Bass Strait off Lakes Entrance. Cores over a 192 foot interval indicate sandstone with oil, suggesting a possible larger field than Tuna and potential joint development, subject to further tests and drilling.
General Industries shares slipped to 1.45 in Sydney as a new cash bid of 1.48 arrived from Walloo Pry Ltd. John McTiwraith Industries held a considerable stake in Walloo. Walloo’s advisers refused to identify other holders. Boral Ltd denied involvement. The Development Finance Corporation is suspected to pull the strings behind the scenes. General Industries had engaged DFC last August to plan future development, hinting at ties with the Australian Industries Development Board. Slatey-Walker Australia Ltd appeared recently, with Reed Consolidated Industries LTD in a counter bid. Chairman J B Clarkson said several substantial shareholders had approached the firm.
Shell and Frome-Broken Hill Company Pty Ltd announced plans to drill an onshore oil well in Otway Basin Area No 4. The Rowan No 1 well, nine miles southeast of Panmure and 20 miles east-southeast of Warrnambool, aims to reach 6000 feet with Shell Development Australia Pty Ltd holding 50 percent.
Eastralian Securities Ltd may not win control of Patersons Ltd but could gain close to 200 000 from its participation. Director Roger Strickland disclosed in Melbourne that Eastralian withdrew its 64.4 million bid after holding about 675 000 Patersons shares bought between five and 1.10 Australian dollars. The firm intended to accept a counter offer at 1.38 per share from the British Ig Storey Group, contingent on Patersons not selling Wa properties to Hooker Corp valued near 7 million. Outcomes depended on ongoing legal discussions.
Kinnears Ropes (Aust) Ltd declares an interim dividend of 4 percent payable April 21 to shareholders registered on April 7.
February unemployment figures loom worse than expected with the ANZ Hawkes employment advertiser series showing a 7.6 percent drop in vacancies after seasonal adjustment. Government optimism contrasts with warning signs of a slowing labour market trend.
Repco Ltd managing director Mr P I Rosenblum outlined diversification at a function marking the group's 50th anniversary. He said new car sales were not in recession but slowing to a sane level, noting only 20 percent of Repco’s business involved new car parts.
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