Word: profitability
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Dates: during 1950-1959
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Coming atop deals engineered by Mattei in Iran and Egypt that upset the old pattern of fifty-fifty profit splits between private companies that took the risk and the governments that granted concessions, his latest end play won Mattei no gratitude in London or Washington...
...companies now produce programs for the commercial channel in competition with the rigorously noncommercial BBC. One of the two leaders, Associated Television Ltd., announced last week that it had made ?4,100,000 ($11.5 million) in its 1957-58 fiscal year-almost ten times its previous year's profit...
Last week, as the Middle East crisis pushed sugar futures prices upward, Sugarman Lobo stood to profit even more. He owns or controls eleven sugar mills in Cuba, finances another 15 to 20 mills when the market demands it. He handles half the 5.5 million-ton Cuban sugar crop, finances 25% of the Puerto Rican and Philippine crops, amounting to another 500,000 tons. A rise of a fraction of a cent (½ last week) on world markets can mean a small fortune for Lobo...
There were significant items on the brighter side. In food, Safeway Stores showed that consumers are going right on buying, with sales up 4% to almost $1 billion for 1958's first 24 weeks and a record profit of $14.9 million, up more than 7% over last year. In electronics, International Business Machines reported first-half sales in the U.S. of $564.6 million (up 19%) and earnings of $50.6 million (up 20%), both new records...
...such shrewd tactics, the company, which the Tishman family controls with nearly 50% of the 1,940,000 shares of common stock, netted $4,033,975 in 1957, although the net profit for its first half of this year is down to $1,250,000. Tishman's goal is to build enough properties so that most or all the firm's profits will eventually come from rentals, make it immune to ups and downs in the market for new building. Says Norman Tishman: "When the day comes that we don't care whether we make a sale...