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Wednesday 28th October 2009 |
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Nuplex, one of the world’s top 10 manufacturers of resins for coatings and composites, said demand and lower costs in Asia have resulted in “strong” profit growth in the region.
“We have been experiencing strong sales in both China and Vietnam, and there are also now positive signs in other South East Asian markets that demand is returning,” managing director John Hirst said in a statement. He gave no details of Asian earnings and said Nuplex will give a profit update at its annual meeting on November 6.
The company is on a stronger footing since selling shares at a deep discount last year to repay debt and bolster its balance sheet.
Shares of Nuplex climbed 0.8% to $2.41 and have gained 28% in the past three months, outpacing the NZX 50’s 6% advance. The shares are rated ‘outperform’ based on the consensus of six ratings compiled by Reuters. Two analysts rate it a ‘buy.’
Hirst said demand in Asia means the region has doubled its proportion of Nuplex’s group profit so far this year.
“This growth in Asian earnings is a major step in Nuplex’s development as a significant global group and confirms the benefits of the company’s strategic positioning in emerging markets,” Hirst said.
Businesswire.co.nz
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