Steel & Tube: from $60m loss to $16m profit

Steel & Tube: from $60m loss to $16m profit
Chief executive Mark Malpass expects further margin improvement. (Image: supplied)
Jenny Ruth
Steel & Tube's annual profit came in at the top end of its upgraded guidance and it expects to build on current earnings momentum.The steel products distributor reported a net profit of $16.1 million for the year ended June, a turnaround from the $60m net loss it reported the previous year and up on the $10.4m reported in 2019.Earnings before interest and tax came in at $21.8m compared with a $57.7m loss the previous year and compared with guidance of $20m to $22m.Revenue was up 15% to $480m, though it was still below 2019 revenue of $4...

More Infrastructure

KiwiRail reveals $8m cost of McKinsey contract
Infrastructure

KiwiRail reveals $8m cost of McKinsey contract

Rail Minister Winston Peters calls it an unacceptable payment. 

Oliver Lewis 02 Apr 2025
Mainfreight praises 'logical, sensible' rail ferries decision
Infrastructure

Mainfreight praises 'logical, sensible' rail ferries decision

Port companies on both side of the Cook Strait also welcome increased certainty.

Oliver Lewis 01 Apr 2025
Meet your new ferries, New Zealand
Infrastructure

Meet your new ferries, New Zealand

Winston Peters confirms new Interislander ferries will be rail-enabled.

Oliver Lewis 31 Mar 2025
Developers make unsolicited bids for prime Chch rebuild site
Policy

Developers make unsolicited bids for prime Chch rebuild site

Crown Infrastructure Delivery is weighing up options for the massive site.

Oliver Lewis 28 Mar 2025