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

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