Steel and Tube profit leaps 324%

The company has changed its balance date to bring it in line with its major shareholder, BHP. Earlier this month it announced a final dividend 7 cents per share, bringing the year's total to 13 cents.

Sales improved by $98 million, after deducting the company's discontinued engineering activities.

STU says its much improved profit result was achieved through a combination of increased business activity and an improvement in its core business performance in both New Zealand and Canada. Annualised earnings per share grew from 3.8 cents to 15 cents.

BHP is planning to spin off its long products steel division later in the year, which will see more than $2 billion dollars in assets handed over to BHP shareholders, including its 50.1% stake in Steel &Tube.

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