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Newspaper
Canberra Times
Location
Canberra, Australian Capital Territory, Australia
Date
Oct 22, 1971
Page
5
The ANZ Banking Group, in its October bulletin, warns higher prices likely in 1971-72 due to indirect taxes and charges. It notes uncertain international money markets and weak private demand, with employment down and longer job searches, while private capital expenditure and construction prospects look soft after a boom era.
WMC announced at Melbourne annual meeting that a new nickel ore zone near Kamald a Western Australia, named the Ken Shoot, lies 5,000 ft south of the Gellatly Shoot. Sir Lindesay said later that Lefroy and Paris St Ives areas could become major nickel sources while flagging a possible lower refit in the first six months but an expected improvement in the second half.
Allied Mills reports year to August 31 profit up to 2.91 million from 2.82 million as revenue grows. After tax and minority interests of 217 000, distributable earnings improve, financing costs up, taxation rate 32.3 percent, sales up. A final dividend of 6p will be paid, bringing the total for the year to 16p on December 16 to shareholders on November 18.
Beith Chemicals Materials Ltd reported a 24 percent rise in annual profit to 408263 for the year to June 30 with earnings on ordinary capital up to 23.3 percent from 18.8. The Sydney based supplier of laboratory apparatus will pay a final dividend of 7 percent, keeping total dividends at 15 percent. Mercer Holdings (Australia) Ltd lifted net profit to 111398 from 82145 for the year to June 30 after higher tax of 94921 and depreciation of 23531. The firm plans a steady final dividend of 4 percent, keeping total dividend yield at 16 percent.
Petersville Australia Ltd reports trading results ahead of last year with turnover up 6.6 percent and optimistic full year prospects. Chairman Sir Charles McGrath cautions against relying on first quarter results and notes favourable seasonal conditions for milk and vegetables. Directors expect demand to be met in Australian and export markets though a sustained effort is needed to hit profit targets. Tasmanian shareholder Mr Dove queries price cutting war. Sir Charles says stocks adjusted to demand and profits should remain reasonable.
John Fairfax Limited posts a profit after tax of 4,275,000, up 11.3 percent from the prior year, with an earning rate of 29.4 percent on higher capital. The report notes capital raises of 4,840,000 ordinary shares and higher costs driven by wages, plus new plant orders worth 3,000,000 to expand the Herald's pages, and the launch of The National Times.
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