By Phil Boeyen, ShareChat Business News Editor
|
Thursday 28th February 2002 |
Text too small? |
For the six months ended December the company has reported net profit of $707,000, more than double the $304,000 for the same period the year. However on a comparable basis the improvement was around 60% better, accounting for profit on continuing activities the year before of $439,000.
Sales were $19.8 million compared with $19 million for the previous period, including a 12% revenue drop at distributor HE Perry.
"The photographic industry worldwide is in a transition phase due to technology changes and this has contributed to a softening in demand for HE Perry's major agency lines of Olympus, Ilford and Polaroid," Broadway reports.
Changes in Vodafone's distribution arrangements also impacted negatively on sales and margins.
However the company says performance at Mercer Stainless was pleasing with sales rising 19%, reflecting good workloads in the industrial workshops in Christchurch, New Plymouth and Hamilton.
"Demand from the dairy industry for stainless steel fabrication has been a factor in this growth. Workshop capacity for the second half of the financial year is expected to be fully utilised."
The directors expect that the full year result will be an improvement on last year, which saw a net surplus on continuing business of $1.12 million. No interim dividend has been proposed.
No comments yet
