Word: profits
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Dates: during 1950-1959
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...Future? In ICC's Washington hearing room, Paul J. Neff, MoPac president and chief operating man for the road's court-appointed trustee, took the stand to answer the question. His answer: no. MoPac's net profit, he agreed, had hit $22 million last year, but this year it would be closer to $13 million. It would drop still more in the future, said Neff, as the business boom tapers off and Korean war shipments decline. As President Neff's damaging testimony continued, Bob Young held whispered conferences in the back of the hearing room with...
Insurers' Insurance. Young may have been somewhat over-optimistic about what he could do for MoPac, but he did have one strong point. Ex-President Neff's profit figure of $13 million in 1951 was misleading, said Young. It gave the impression that the road had a comparatively small margin over its fixed charges. Actually, said Young, MoPac's gross of almost $60 million (equal to four times the interest on its top bonds) was the real indication of the road's earning power...
Built Up. C.C.A. branched out, now produces 80% of the products it sells to its 1,400-member co-ops to retail. While prices are competitive with big chains, co-op members get refunds at the end of the year out of "savings" (i.e., profits). Last year, out of $6,700,000 in profits, C.C.A. members got refunds of $5,000,-ooo. C.C.A.'s growth has been helped enormously by the break co-ops get in tax laws. Unlike a corporation, which pays an income tax on dividends, C.C.A. pays no ^ taxes on its refunds. C.C.A. never claimed exemption...
...alone, where Anglo-Iranian splits production with Gulf Oil Corp., output is close to 800,000 bbls. a day, compared to 640,000 bbls. a day from Iran before nationalization. And last week Anglo-Iranian and Gulf assured the steady flow of Kuwait oil by signing a 50-50 profit-sharing agreement with the Sheik of Kuwait. By expanding its refineries all over the world, Anglo-Iranian expects to make up by 1953 for the loss of the Abadan refinery...
Increased production, sales and prices raised Anglo-Iranian's net profit in 1950 to $94.5 million (v. $51.6 million in 1949), the biggest ever earned by a wholly British corporation. Despite the nationalization trouble, stockholders will get their regular 30% dividend* or 84? a share. Iran's slice for 1950 was $45 million in royalties. If Iran had accepted the company's 1949 proposal to increase royalties, Iran's 1950 royalties would have been $94 million. This year, said Sir William, under a new proposal for a 50-50 profit split, Iran would have received about...