Pacific Dunlop Announces Drop In Net Income

The Australian conglomerate, Pacific Dunlop, is not satisfied with the figures for the first half of 1999. Managing director, Rod Chadwick, told the press in Melbourne that the company would not be able to reach the profit they made in the year ended 31st December 1998. The company is interested in selling its stake in Pacific Tyres and Chadwick said that there might be an opportunity to sell in the not too distant future.

The reason to sell is the under-performance of the tyre division. Pacific Tyres is a 50:50 joint venture with Goodyear Tire & Rubber Co..