Scott Technology lifts 1H profit 5.6 percent even as strong kiwi dollar eats into revenue

Wed, 27 Mar 2013

March 27 (BusinessDesk) - Scott Technology, the industrial automation firm, lifted first-half profit 5.6 percent even as its sales dropped on the strength of the strong New Zealand dollar. Net profit rose to $2.2 million, or 6.2 cents per share, in the six months ended Feb. 28 from $2.1 million, or 5.7 cents, a year earlier, the Dunedin-based company said in a statement. Sales fell 9 percent to $26.8 million. "With a competitive environment for most of our products, combined with the higher value of the New Zealand dollar, maintaining our...

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