Skellerup says trading is above expectations

ERJ staff report (DS)

Wellington, New Zealand -- Skellerup Holdings Limited said its results in the six months to December 2009 were above expectations. The company, which makes industrial rubber products for he automotive and mining industries, reported a positive net profit on sales down over 13 percent.

In a statement, the company said, said “Revenue and net earnings were well down in comparison with those for the December 2008 half-year, but significantly higher than those for the immediately preceding six months.”

Continuing operations revenues fell to NZ$85.6m (euro 44.2 million) (down 13.4 percent against the previous corresponding period; but the figure was up 4.6 percent on the six months to 30 June 2009). Net profits halved to NZ$ 3.3 million.

The company said Australasian markets are picking up, but European and US markets remain depressed. However, Skellerup saw growth in it's the technical products activity in Europe, where it is actively seeking new business.

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Press release from Skellerup