Industrial product distributor and value-added processor, Vulcan Steel, has reported a 52% decline in net profit after tax (NPAT) for the first half of the 2024 financial year.
NPAT dropped to NZ$26 million, compared to NZ$54m in the same period last year.
Similarly, the company's earnings before interest, tax, depreciation, and amortisation (EBITDA) decreased by 29% to NZ$82m.
However, Vulcan saw a significant improvement in operating cashflow, which amounted to NZ$105m, up from $16m in the previous year.
The company declared an interim dividend of 12.0 NZ cents per share for the first half of the financial year.
Vulcan's managing director and CEO, Rhys Jones, acknowledged the challenging business conditions but expressed confidence in the company's growth prospects.
Trading in New Zealand is expected to recover in 2024, while the Metals segment in Australia is anticipated to remain steady and improve.
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