ERJ staff report (DS)
Wellington, New Zealand - New Zealand rubber processor, Skellerup Holdings has reported improved sales and record profits for the year ended 30 June 2012. The company has also bought a new mixing line in preparation for the move of its earthquake-hit dairy products factory.
Skellerup said, â€œThe dairy manufacturing plant in Woolston, is a key part of the Agri division. Due to earthquake related damage and liquefaction risk, we are negotiating to relocate this business to a new site within the Christchurch region. â€œ
Skellerup added, â€œTo facilitate the move, a new state of the art rubber mixing plant has been purchased (post 2012 financial year end) and capital has also been allocated for the manufacture of additional moulding machines to ensure that the business operation can relocate without interrupting the supply of finished products to customers. The introduction of the new rubber mixing plant will not only facilitate the move but will produce a high quality product more efficiently.â€
Overall, Skellerup posted net profit after tax (NPAT) of NZ$24.7 million (euro 16.1 million), up 22.1 percent on previous record of $20.2 million posted a year earlier.
Group revenues amounted to NZ$207.3 million (euro 135 million), up from NZ$ 193.6 million a year ago.
Industrial Division performed above expectations with earnings before interest and tax up 14.1 percent at $22.9 million on sales for the year of $133.1 million (up 6.9 percent).
The Agri Division - which manufactures and distributes products for the global dairy industry - recorded an 11.1 percent increase in earnings before interest and tax of $19.0 million on revenue of $74.1 million (up 7.4 percent).
Chairman Sir Selwyn Cushing said: â€œSkellerup is in the best shape it has been for many years. The business has performed exceedingly well to the benefit of all shareholders. This has been reflected not only in stronger earnings and a higher dividend payout but also in share price appreciation.
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Press release from Skellerup