Steel & Tube: from $60m loss to $16m profit
Chief executive Mark Malpass expects further margin improvement. (Image: supplied)
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...
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