Skellerup profit falls 10%; trade war dents US demand
By Dan Brunskill |
Thu, 13 Feb 2020
Skellerup Holdings reported a 10 percent decline in first-half profit as the US-China trade war dulled demand for its rubber industrial components.Net profit fell to $12.1 million in the six months ended Dec. 31, from $13.4 million a year earlier. Revenue edged up 2 percent to $122.9 million, while earnings before interest and tax fell 7 percent to $18 million.That was short of Forsyth Barr analyst Guy Hooper’s forecast for ebit of $19.9 million on revenue of $125.9 million.The weaker earnings came from Skellerup’s industrial division, which th...