Skellerup profit gains on dairy sales, full-year to fall

Net income rose to $6.5 million, or 4.92 cents a share, in the six months ended Dec. 31, from $6.1 million, or 5.81 cents, a year earlier, the company said in a statement. Sales rose to $101.2 million from $85 million.

Shares of Skellerup rose 1.8% to 58 cents, having dropped 23% this year. The company said second-half trading will be more difficult for its industrial and agricultural divisions, with the slump on global growth.

The Agri unit's revenue growth will slow with contraction in the dairy industry as prices fall and the industrial unit will be affected "by the marked slowdown being experienced in our key US and European markets," the company said.

Full-year net profit is forecast to fall to $11 million from the year-earlier $12.6 million before one-time gains on assets of $2.1 million.

By Jonathan Underhill

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