Steel & Tube posts 35% gain in first-half profit on uplift in construction

Wed, 18 Feb 2015

By Fiona Rotherham Feb. 19 (BusinessDesk) - Steel & Tube, New Zealand’s largest steel distribution company, lifted first-half profit by 35 percent, in line with expectations, following last year’s acquisition of S&T Stainless and an uplift in construction activity. Net profit was $10.8 million in the six months ended Dec. 31, up from $8.03 million a year earlier, the Wellington-based company said in a statement. Sales rose 22 percent to $258 million. Chief executive David Taylor said the results were pleasing against a global backdro...

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