Mercer posts annual loss on new staff hires, tough Australian conditions

Thu, 28 Aug 2014

By Suze Metherell Aug. 29 (BusinessDesk) - Mercer Group, the stainless steel manufacturer, reported an annual loss as it hired new staff to fuel future profit growth while trading conditions in Australia remained tough. The Auckland-based company posted a loss of $483,000 in the year ended June 30, from a profit of $778,000 a year earlier, it said in a statement. Sales rose 5.4 percent to $40.8 million, while earnings before interest, tax, depreciation and amortisation was $1 million, from $2.5 million in 2013, and in line with guidance....

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