NZ Steel profit down 26.7 percent as production costs outstrip revenue growth

Tue, 08 Jan 2013

Jan. 9 (BusinessDesk) - The holding company for the New Zealand Steel mill at Glenbrook, near Auckland, has posted a 26.7 percent drop in tax-paid earnings in the year to June 30, according to Companies Office records filed before shortly before Christmas. Profit fell to $95.3 million from $126.4 million a year earlier, the bare bones accounts for Tasman Steel Holdings show. The company increased total sales by 3.8 per cent to $878.1 million in the 12 months to the end of June last year, but cost of sales rose 8.6 percent, resulting in a 28.7...

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