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Skellerup posts $14.7m profit on asset sale, dairy demand

Thursday 4th September 2008

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Skellerup Holdings posted a full-year profit on demand for its products from the booming dairy industry and a one-time gain from asset sales.

Profit was NZ$14.7 million from a year-earlier loss of NZ$2.4 million, the company said in a statement. Sales rose 6.6% to NZ$205.4 million. The shares rose 8.4% to NZ$1.03.

The company has shed assets in the past 12 months to focus on its rubber and polymers business which supplies equipment to industries ranging from mining to farming. Earnings in the most recent period were lifted by demand for products for the dairy industry, according to chief executive Donald Stewart.

The company forecast a trading profit this year of NZ$13.5 million, up from NZ$12.6 million last year.

The company will pay a dividend of six cents a share.

By Jonathan Underhill

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