Skellmax profits decline slightly in year to June

Auckland, New Zealand--Skellmax Industries Limited has announced net earnings after tax of $NZ11.573 million (previously $NZ12.592m) for the 12 months ended 30 June 2004. The chairman, Keith Smith, said that the profit result, which was $1m or 8.1 percent below the previous year, reflected primarily an adverse comparative exchange rate and higher depreciation.

Group revenue reached $106.361 million, 10.5% higher than the previous year's $96.242 million. This includes sales from new acquisitions for part of the year,” Smith said. Year on year like for like sales showed an increase of 6.2 percent.”

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Press release listingfrom Skellmax