| BOWATER INDUSTRIES PROFIT EXCEED EXPECTATIONS | |
| Bowater Industries Plc <BWTR.L> 1986 | |
| pretax profits of 48.0 mln stg exceeded market expectations of | |
| around 40 mln and pushed the company's shares up sharply to a | |
| high of 491p from 468p last night, dealers said. | |
| The shares later eased back to 481p. Bowater reported a | |
| 32.4 mln stg profit in 1985. | |
| The company said in a statement accompanying the results | |
| that the underlying trend showed improvement and it intended to | |
| expand further by developing existing businesses and seeking | |
| new opportunities. | |
| It added that it had appointed David Lyon, currently | |
| managing director of Redland Plc <RDLD.L> as its new chief | |
| executive. | |
| Analysts noted that Bowater's profits of 18.9 mln stg from | |
| 13.2 mln previously had been given a boost by pension benefits | |
| of 4.5 mln stg. | |
| Profit from Australia and the Far East showed the greatest | |
| percentage rise, jumping 55.0 pct to 15.5 mln from 10.0 mln, | |
| while the profit from U.K. Operations rose 30.7 pct to 24.7 | |
| mln, and Europe, 42.9 pct to 11.0 mln. | |