Home / Knowledge / News / Textiles / Nuplex operating profit up 42%
Nuplex operating profit up 42%
28
Aug '08
Nuplex Industries Limited, the leading manufacturer & marketer of specialty resins and chemicals, announced an operating profit for the year ended 30 June 2008 of NZ$53.4 million, 42% above the previous corresponding period (pcp).

Net profit after tax increased 84% to $48.3 million after unusual items related to remediation ($1.1 million) and impairment ($4.0 million). Earnings per share increased by 82%. Revenue grew 6% to $1,532 million.

Directors have increased the final dividend to 23 cents per share, payable on 17 October 2008 to shareholders on the register at 3 October 2008. This will bring total dividends for the year to 43 cents per share, up 19%, representing 66% of full year operating profit.

The dividend will be fully franked for Australian shareholders. It will not carry any New Zealand imputation credits and as a consequence overseas resident shareholders will not receive a supplementary dividend. The dividend reinvestment plan will apply to the final dividend, with a discount of 30 cps from the strike price.

Mr John Hirst, group managing director, said: “We are very pleased to be able to report significantly stronger performance for a year when the international economy was challenging and we have had to face a considerable increase in costs driven by a higher oil price.

“This result reflects improved productivity after significant restructuring, with new capacity in Europe and the closure of loss-making plants in Brazil and the UK. Demand increased in Asia and there was a positive contribution from the successful G-Cure acquisition in the US.”

The Resins business' result included an adverse foreign currency movement of $1.9 million. On a constant currency basis, EBITDA improved by 13%. A substantial uplift in earnings came from restructuring the business, which provides raw material inputs for the global coating and regional composites, construction, adhesive, textile, printing ink and paper industries.

The European business was the stand-out performer. It grew sales volumes through advanced technology and new and more efficient capacity, and also benefited from restructuring and improved sales quality. Soft demand from the New Zealand coatings market, a slowdown in discretionary spending in Australia and margin pressure across Australasia generally created a difficult business environment.

While US markets continued to weaken, the positive impacts of the G-Cure acquisition and the closure of the loss-making Brazil manufacturing plant contributed to an improved year-on-year result from the Americas. Asia maintained steady growth, with China's performance particularly pleasing.

Nuplex's Specialties Products business markets functional technical raw materials to the Australasian chemical, plastic, construction, coatings and life sciences sectors.

Strong performance continued following closure of the Seven Hills manufacturing site, exit of non-performing business units and rationalisation of the business portfolio. Lower demand from traditional market segments, particularly in New Zealand, was more than offset by opportunities provided by new agencies and success with a number of longer-term development projects.

Must ReadView All

Courtesy: Pan Brothers

Apparel/Garments | On 30th May 2017

Pan Brothers to set up 2 new garment factories

PT Pan Brothers Tbk plans to increase its production capacity by...

Textiles | On 30th May 2017

ExxonMobil, SABIC sign deal for next phase of US project

Affiliates of Exxon Mobil Corporation and Saudi Basic Industries...

Textiles | On 29th May 2017

Tintex, Bruckner bring new effects to knitted fabric

The textile company Tintex has joined hands with the system supplier...

Interviews View All

Abhimanyu Singh Rathore & Barbara Anna Kosiorek
Kannbar

‘Blending cultures is the true beauty of fashion, where one’s imagination...

Evelyne Cholet
UCMTF

‘France had a reputation of being big in new ideas, but poor in marketing...

Dinaz Madhukar
DLF Emporio and DLF Promenade

‘Each event and promotion is planned out keeping in mind the business of...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
May 2017

May 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search