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OTTAWA (UPC) - After-tax

profits for the Canadian oil |

industry tumbled by 54
percent in the first six
months of 1982 despite a 10-
percent rise in revenues, the
Petroleum Monitoring
Agency says.

After-tax profits’ were
$800. million in the first-half

of this year,’ “compared with.

$1.75 billion: in the: first six
months of 1981, the agency
said Monday. The drop in
net profits occurred despite
a 10-percent | Fise, in
revenues.:; *.

“The. net income decline
was .due., ‘largely to .higher
interest: charges; ‘increased

operating costs:and first-half .

1981 inventory ‘profits which
did. not recur,”

Housing recovery —

HUDAC President Cyril

. said the housing ‘

industry was recovering and
housing starts increased
substantially i in October. and
November.

“LISTEN.

David‘ ‘Tngram. ‘on: CKNW/98
"Wed. Dec. 15 15, 10: 30 A. MM.

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Frank Baker’s W.Van.
Thurs. Dec. 16, 7 p.m.
Fee: $5.00

Proceeds to Orphans Fund

_ B6- Sunday, December 12, 1982 - North Shore News

chairman Ralph Gillen said.

The agency based its
conclusions on data from 85
of the largest oil and gas
companies. in Canada. which
control 95 percent_of the
industry’s revenues.

The net income of
Canadian controlled  cor-
porations declined 83
percent compared to a 38-
percent drop for foreign
controlled firms, the survey
showed.

“Higher interest charges,

largely associated . with
” acquisitions, were “the cause

of the sharper decline for the

- Canadian - ‘controlled: sector,

which accounted for.only 13

‘percent ‘of the-total industry
 . profits ‘in the first ‘half: of
agency

1982, » down from 36. 5 percent

Morgan said home buyers

have been encouraged by «~
‘the drop in interest rates *
from | 20 percent range in late

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“In contrast, Canadian
controlled companies not
involved with acquisitions
realized profits of $300
million, down 15 percent.”

A full two-thirds of the
$950 million drop in profits
occurred in the downstream
or refining, marketing and
petrochemical sector of the
oil industry. In this: sector,
net income -dropped 73

"percent due to higher

operating costs and keen
competition brought on by
declining demand, the
agency said.

“Upstream profits - ex--

ploration, production and
development - decreased by
12 percent to $660 million,”
Mr. Gillen said, “with in-

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profits, capital expenditures

increased by $330 million or

~ 7 percent to $5.3 billion.
Dividend payments

creased taxation and higher
interest charges the major —
contributing factors.”

Despite the drop in

remained steady, cushioning
investors from the industry's
overall drop in net income,
the agency said.

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