Steel & Tube first-half profit up 165% to $8.4m

Steel & Tube lifted half year net profit 165% to $8.4 million, with revenue similar to a year earlier at $190.5 million.

In the six months to the end of December, volumes rose 6% from a year earlier as the economy improved slowly, the company said today.

Strong competition continued and despite higher prices than in the previous six months, prices were still below those of the same period last year.

"Most market sectors saw marginal improvements through a period of significant volatility from month on month with October particularly slow."

A fully imputed interim dividend of 6c per share is to be paid.

Steel & Tube said it expected second half year results would be similar to those of the first six months.

It expected to see a slow and gradual improvement in activity across most sectors, except commercial construction where further short-term contraction was expected.

Some improvement in performance was expected from internal initiatives.

NZPA

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