Steel and Tube annual profit drops 23 percent as competition squeezes margins

Thu, 09 Aug 2012

By Paul McBeth Aug. 10 (BusinessDesk) - Steel & Tube, the constructions materials supplier, reported a 23 percent fall in annual profit as dwindling demand and stiff competition squeezed margins. Net profit fell to $13.1 million, or 14.9 cents per share, in the year ended June 30, from $16.2 million, or 19.3 cents per share, a year earlier, the Lower Hutt based company said in a statement. That was short of Forsyth Barr analyst Rob Mercer's forecast profit of $14.8 million, or 16.8 cents per share, though he had warned earnings could be weak...

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