Scott Technology first-half profit drops 63 percent as strong kiwi erodes export earnings

Thu, 27 Mar 2014

March 28 (BusinessDesk) - Scott Technology, the industrial automation firm, reported a 63 percent slump in first-half profit as a strong New Zealand dollar eroded the company’s export earnings and stiff competition pushed down margins. Net profit dropped to $820,000, or 1.3 cents per share, in the six months ended Feb. 28, from $2.2 million, or 6.2 cents, a year earlier, the Dunedin-based company said in a statement. Revenue declined 5.7 percent to $25.3 million. It expensed $900,000 on research and development in the half. “Underlying acti...

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