By Phil Boeyen, ShareChat Business News Editor
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Friday 17th August 2001 |
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The steel company has reported an after tax profit of $14.88 million for the 12 month period compared with $14.26 million for the 13 months ended June 2000.
The improved result was due to the company's distribution and processing operations in New Zealand.
"Market demand for steel products was mixed. A strong demand from the rural sector and export focused manufacturers was more than offset by a weak domestic economy."
On a comparative basis for the 12 months to June 2000, net profit increased by $1.55 million or 11.6% on 4% higher sales revenue, while annualised earnings per share increased by 2 cents to 17 cents per share.
Sales and profits of reinforcing and roofing products were lower than last year which the company says is a direct result of reduced activity in the building sector.
"A number of initiatives were introduced during the year which lowered costs and inventory levels to provide some offset to lower activity."
Offshore, the steelmaker's Canadian operation, A J Forsyth & Company, was affected by a weakened economy with reduced sales and volumes for the year.
"The recent change of government in British Columbia will benefit the business, however, the uncertainty surrounding the US economy still overhangs the Canadian economy."
A final payout has been set at 9 cents per share.
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