BP’s profit
p. 28 · Read in the full issue
comes from offshore
An increasing proportion of Burns Fhilp’s profits will come from overseas, according to the diversified industrial group’s chairman, Mr John Burns.
He told the company’s 104th annual general meeting in Sydney that more than 50 per cent of the group’s profit this year will come from offshore.
“An uncertain investment climate in Australia makes it prudent to continue that trend for the immediate future,” he told shareholders.
He said the latest net operating profit of A 540.2 million continued the “succession of record results for the third year in a row” and that Burns Philp was now a major force in a number of Australian and international markets.
However, the shipping and trading division had been “severely affected” by the fall of the Australian dollar.
He said the particularly good result from PNG (November PIM page 28) had contributed to a much improved performance in the company’s Pacific opera tions.