Steel & Tube 1H net profit falls 55% but glimmer of hope on horizon

(image: Steel & Tube)

Tue, 20 Feb 2024

Steel & Tube Holdings' first-half net profit plunged 55% but it was guardedly optimistic going forward. The company said net profit was $5.3 million in the six months to December 31 versus $11.8m in the same period a year earlier, on "subdued trading with volumes remaining under pressure from economic headwinds".Revenue fell 17% to $261.8m, on a 22.2% drop in volumes, which continued to be affected by a recessionary environment. Normalised earnings before interest and taxation were $11.3m, which was at the top e...

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