Scott Technology annual profit falls 41% as strong kiwi, competition erodes margins

Thu, 09 Oct 2014

By Paul McBeth Oct. 9 (BusinessDesk) - Scott Technology, the industrial automation firm, reported a 41 percent drop in annual earnings as a strong kiwi dollar and stiff competition eroded margins across all of its sectors. Net profit fell to $3 million, or 6.2 cents per share, in the 12 months ended Aug. 31, from $5.1 million, or 13.6 cents, a year earlier, the Dunedin-based company said in a statement. Revenue was largely flat at $60.3 million. "The company responded well to the impact of the major slowdown in our mining sector market...

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