NZ's Steel and Tube Ltd Half Year Profit Falls-Shanghai Metals Market

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NZ's Steel and Tube Ltd Half Year Profit Falls

Industry News 09:10:25AM Feb 10, 2012 Source:SMM

WELLINGTON Feb 9 (Reuters) - New Zealand steel maker and building products firm Steel and Tube Ltd reported a 24 percent drop in first half profit because of a weak construction sector.

The company said net profit for the six months to Dec 31 was NZ$6.4 million ($5.3 million) compared with last year's NZ$8.4 million. It was line with guidance given last November for a net profit of between NZ$6 million to NZ$7 million.

Shares in the company, half owned by Australia's OneSteel , last traded flat at NZ$2.20 in a broadly flat market.

It declared a dividend of 5.5 cents a share down on last year's 6 cents.

It said the outlook was being weighed by global uncertainty.

"Overall we expect that the results for the second half of the year will be similar to or a little better than for the first six months," it said in a statement.

 

Key Words:  steel  steel mill 

NZ's Steel and Tube Ltd Half Year Profit Falls

Industry News 09:10:25AM Feb 10, 2012 Source:SMM

WELLINGTON Feb 9 (Reuters) - New Zealand steel maker and building products firm Steel and Tube Ltd reported a 24 percent drop in first half profit because of a weak construction sector.

The company said net profit for the six months to Dec 31 was NZ$6.4 million ($5.3 million) compared with last year's NZ$8.4 million. It was line with guidance given last November for a net profit of between NZ$6 million to NZ$7 million.

Shares in the company, half owned by Australia's OneSteel , last traded flat at NZ$2.20 in a broadly flat market.

It declared a dividend of 5.5 cents a share down on last year's 6 cents.

It said the outlook was being weighed by global uncertainty.

"Overall we expect that the results for the second half of the year will be similar to or a little better than for the first six months," it said in a statement.

 

Key Words:  steel  steel mill