Skellerup shares up on profit upgrade

Skellerup Holdings shares rose 4c to $1.07 after the diversified industrial company issued an earnings upgrade.

The company said it expects to exceed current market profit expectations for the year ended June 30, 2011 due to improved revenues and earnings across both its agriculture and industrial divisions during the first five months of the current financial year.

Skellerup expects net profit after tax for the 2011 year to be in the range of $18.5 million to $19.5 million. This is up from the $16 million to $17 million previously advised.

The company reported net profit after tax rose 33 percent to $11.9 million in the year to June 30 2010 and before one-time items profit rose 48.7%.

The company commented at the annual meeting on how far it had come in the 100 years since George Skellerup set up his firs Para Rubber store in Christchurch.

NZPA

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