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Show EARNINGS AT KENNECOTT UP Kennecott Copper Corporation earned a net profit of about $11,-840,000 $11,-840,000 or $1.09 a capital share in the first quarter of this year, E. T. Stannard, president, told stockholders at their annual meeting meet-ing recently. His estimate contrasted con-trasted with an actual net of only 27 cents a share in the opening three months of last year. Following the president's statement, state-ment, Stephen Birch, chairman of the board, informed the shareholders share-holders that Kennecott's financial position is excellent, pointing out that cash and government security securi-ty holdings now amount to about $75,000,000. Including unsold cop-j per inventories, he said, this asset position represents about $106,-000,000. $106,-000,000. France is taking 8,000 tons of copper monthly from the Kennecott Kenne-cott Copper Corp., it was disclos- cd at the meeting. Stannard also told shareholders the company is supplying Italy with 2,000 tons and Japan 1,000 tons monthly. Under the present contract, Stannard added, the French tonnage ton-nage will be reduced to 6,600 tons a month starting with June and running through August. French requirements after August will be determined later. Kennecott's copper production currently is running about 30,000 tons a month in the United States and 11,000 tons monthly at its Braden mine in Chile. The latter is supplying the foreign contracts. |