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ECC launches fresh cuts after profits collapse
- Article from:
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The Independent - London
- Article date:
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September 17, 1996
- Author:
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Copyright informationCopyright 1996 The Independent - London. Provided by ProQuest LLC. (Hide copyright information)
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English China Clays, the world's biggest producer of kaolin, is
to launch another round of restructuring and could cut its dividend
after being hammered by de-stocking in the paper industry, its main
customer.
The company yesterday announced that pre-tax profits crashed
from pounds 55.3m to just pounds 5.7m in the six months to June as
volumes sank by as much as one-fifth.
The interim dividend is being maintained at 5.5p, but Lawrence
Urquhart, chairman, warned that a decision on the final payment
would not be made until later this year, when trading trends become
clearer and a comprehensive strategic review begun early in 1996
was completed.
However, as part of the initial phase of the ...
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