RIO TINTO RESULTS.
Although the directors of the Rio Tinto Company explain in their report that conditions during the year were affected (Continued on page v.)
Financial Notes
(Continued from page 642.) by low prices for copper and inability to reduce costs even to the lowest basis possible, because of the onus upon the Com- pany of maintaining workmen surplus to requirements under Spanish legislation, the profits and sundry income for 1933 amounted to £530,070, against £494,627 in the previous year. Moreover, the total profit on sales of produce was £501,600, against only £367,293 in the previous year, so that despite the absence of improvement in copper prices the results were distinctly better. There was some reduction in administration costs and the net profit balance for the year was £103,540, against £58,516. The directors state that in spite of the difficult political and economic conditions in Spain, practically no time was lost through labour troubles last year.
A. W. K.
Previous page
