Christchurch, New Zealand -Â A series of acquisitions has led Skellerup Holdings to increase sales by 21 percent in the twelve months to 30 June, 2007. Reporting its preliminary results last week,t he comapnay said sales grew to NZ$ 193.4 million (â‚¬99.6 milion) from NZ$159 million a year earlier.
The company reported operating profit down by two-thirds, at NZ$10.1 million compared with NZ$31.9 million a year ago. This translated to a pre-tax loss of NZ$4.3 million, but a tax windfall brought the company out of the red for a final result of NZ$637 000 (previous year: NZ$13.3 million)
In June this year the company said it intends to focus on rubber goods and rubber products. The company said total net debt is around NZ$106 million, but this will decrease as the company sells of non-core assets.
Skellerup is divesting business related to its agricultural business which in 2005 made up 42 percent of revenues. The company's industrial activities now generate 70 percent of revenues, and this trend is expected to continue, said the company.
A year ago the company bought Gulf Rubber based in Sydney, Australia, which contributed strongly to the increase in sales. Skellerup also bought Italian automotive rubber goods company Tumedei, in May of this year.
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Website of Skellerup. For results, go to investor centre and then follow link to 'News & Presentations"
Tax credit gives Skellerup a profit despite extra cost NZ Herald (New Zealand)