Skellerup converts loss to profit in year to June

ERJ staff report (DS)

Christchurch, New Zealand -- Skellerup Holdings has moved back into the black with strong results for the 12 months to June 2008. The company also issued a dividend for the first time in 18 months after going through an intensive period of restructuring to focus on industrial rubber products.

The company reported sales up by 15 percent, to NZ$177 million (Euro 82.5 million), up by 15 percent on the previous year. EBIT was NZ$24.4 million, compared to a restated loss of NZ$675 000 a year a go. The ocmpany said its figures were restated in order to comply with New ZealandInternational Financial Reporting Standards (NZ IFRS) for the first time.

"Our emphasis during the past year has been to deepen our focus on technical polymer products, and to leverage the expertise and resources we hold within the group to extend our presence into niche markets. This has provided us with a reliable and solid base to withstand challenging market conditions, which are forecast to be with us for some time yet," said chairman, Sir Selwyn Cushing.

Managing director and ceo, Donald Stewart, said the latest year's performance was boosted by the growing strength of the worldwide dairy industry underpinning the agri division, along with the achievement of synergies in the industrial division through the integration of Tumedei SpA, acquired in the previous year, into Gulf Rubber.

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Press release from Skellerup