gross revenues exclusive of joint venture or foreign revenues 12 1947 1948 1949 1950 1951 1952 2 revenues from government bid contracts monterey trading overseas s a is a company incorporated under the laws of the republic of panama this company is engaged in the export-import business and handles export sales for utah construction company and its subsidiaries monterey trading overseas s a purchases and resells commodities charters shipping and also represents other companies as a selling agent the financial statements of the argonaut co ltd and monterey trading overseas s a are consolidated with those of the parent company the other subsidiary companies are not consolidated and no dividends were received during 1952 these companies all recorded operating profits during the year the operating profit of compania utah s a will be largely offset by foreign exchange losses arising out of the devaluation of the peso in 1948 the company's gross revenues exclusive of any share of joint venture or foreign rev enues were well maintained during the past year showing a decline of 6v the percentage of our gross revenues contributed by our mining activities increased from 12 to 14 during the past year the company has continued to pursue a policy of diversifying the types of work that it performs we have maintained our interest in heavy engineering construction which is the type of work the company has done with conspicuous success since its inception however during the past several years our efforts have been intensified to expand operations into other fields of construc tion with the result that during 1952 heavy engineering construction represented 39 of our domestic gross revenues while other types of construction increased to 47 during the period of severe inflation which followed the end of world war ii the spiral of rapidly rising costs made bidding of long-term fixed-price contracts from the government unusually hazardous and unprofitable for this reason your company endeavored to reduce its dependency upon work of this type while inflation was the prospect during the past year revenues from fixed-price government contracts accounted for only 2 of our gross revenue in contrast to 14 in 1951 and 22 in 1950 with the advent of price stability and with the indication of a lower volume of private work available it may again become desirable to enter aggressively the field of competitive bidding on fixed-price work over the past several years our company has acquired additional modern and specialized equipment these tools of our trade in the hands of an organization skilled in their use place us in an excellent position to perform virtually all types of construction work advantageously