Steel and Tube FY profit helped by lower input prices; Christchurch commercial work awaited

Fri, 16 Aug 2013

Aug. 16 (BusinessDesk) – Steel & Tube Holdings posted a 19 percent gain in full-year profit, even as sales fell, as the company benefited from low prices for the unfinished steel it uses to make its building products, chief executive Dave Taylor says. Sales declined 3 percent to $393 million in the 12 months ended June 30, but cost of sales fell 4.5 percent in the same period, helping contribute to profit growth to $15.6 million that about met a forecast by brokerage First NZ Capital. The company didn’t give specific guidance for the current...

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