Steel & Tube annual profit drops 22% in 'highly competitive' construction sector

Thu, 17 Aug 2017

By Tina Morrison Aug. 18 (BusinessDesk) - Steel & Tube posted a 22 percent drop in annual profit after the year-earlier earnings were boosted by a property sale. It reduced its dividend payment and said business performance hadn't met its expectations. Net profit dropped to $20 million in the 12 months ended June 30, from $25.8 million a year earlier, as revenue slipped 1 percent to $511.4 million, the Wellington-based company said in a statement. The year-earlier profit was boosted by a $6.3 million gain on the sale of the company's Bowd...

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