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Newspaper
Canberra Times
Location
Canberra, Australian Capital Territory, Australia
Date
May 17, 1968
Page
4
NZ Forest Products Ltd, a forest owner and maker of pulp and paper products, lifted its dividend from 9 to 10 percent after higher net profits for the year ended March 31.
At Goulburn the 1967-68 wool selling season closed with fully firm prices. About 8,000 bales from the south-west slopes Southern Tablelands and Monaro drew solid competition from Japan the Continent and Britain. Profit figures show gains despite currency depreciation with improved export performance credited to the export drive.
NZ Breweries Ltd proposes lifting its dividend rate from 12 to 24 per cent after a 9.3 per cent rise in consolidated net profit for the year to March. Directors recommend a 7 per cent final dividend to make up 24 per cent for the year. Consolidated net profit attributable to the parent was about 3,450,000, up 299,496 from the prior year. The dividend will be about 2,006,686. The stock market raid covered 1.72 times by the year’s Talcott Factors Ltd.
Softwood Holdings Ltd posted a profit fall from 255 338 to 190 812 in the December half. A total of 700 000 shares were bought, suggesting the balance would be covered by close of trading amid mid day activity.
Myer Emporium Ltd, a major department store group, lifted consolidated net profit by 135,486 to 7,916,717 in the six months to January 31. The result reflects stronger sales across its shopping centre portfolio and retail outlets.
Allman Cope Australia Ltd raises bid for Hackshalls Ltd from 1-80 to 1-84 a share, now valued at 4,968,004. Hackshalls directors unanimously recommend acceptance. The Tariff Board and Customs measures on tyre dumping cited. new offer notices to be issued under the Customs Tariff Act. Cope Allman pledges continuity of staff and trading operations.
Caltex Oil (Aust) Pty Ltd, a local distributor for California Texas Oil Corp in Australia, turned a 1967 net loss of 549,574 into a profit of 3,620,175 amid revised contractual arrangements with related company Australian Oil Refining Pty Ltd. Current assets rose to 42.21 million from 33.63 million due to stock and debtors, while tax rose to 4,129,283. Directives say profits moved up after depreciation adjustments, with no dividend declared.
The report notes Algerian state takeover of oil and gas stakes and related corporate moves abroad, alongside Myer group annual results for 1966-67 showing net profit rising to 13.505 million and a 45.4 percent return on ordinary capital. Depreciation surged, debenture expenses written off, and dividends remained steady, with full payout in 1966-67 at 20 percent.
Gold prices rose above 41 dollars per ounce in London dealings for the first time since the two tier market began. Morning fixing set at 41.04, midday quote 41.25 as demand remained modest and sellers were scarce. London Bullion Market fixed 75 cents higher than yesterday. Sterling weakened to about 2.3887 dollars amid volatile gold trade.
BHP Esso reports progress drilling three new offshore wells in Bass Strait. The Glomar IM drilled Tuna A-1 to 2 452 ft near Marlin field, Discoverer I reached 1 682 ft at Snapper A-1, and Ocean Digger drilled Argonaut A-1 to 870 ft in Otway Basin. One well lies off Mt Gambier and another south-east of Bairnsdale.
Indonesian authorities have paused granting new banking permits. Officials indicate the initial 12 banks already approved to open branches should suffice for now, as policy reviews continue. The move reflects a broader tightening of access to new bank branches in the country.
The St George Leagues Club reports a drop in net profit after tax and increased depreciation. Despite higher gross profit of 1 957 654, expenses and taxes reduced the year’s surplus to 162 335. Total assets stand at 2.8 million, up from 2.6 million in 1966.
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