Steel & Tube first half operating profit eases 0.6%

Steel & Tube first half operating profit eases 0.6%
CEO Mark Malpass says his company is well positioned. (Image: Steel & Tube)
Jenny Ruth
Steel & Tube appears to be weathering the woes afflicting its competitors, reporting just a 0.6% drop in normalised operating profit and saying demand remains solid.Net profit was down 17.5% to $11.8 million for the six months that ended December as an improvement in profit margin was offset by inflation and depreciation.The steel products distributor’s normalised earnings before interest, tax, depreciation and amortisation (Ebitda) of $31.6m compared with $31.8m in the previous first half.Sales were up 11.7% to $315.3m, while sales v...

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