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Resins maker Nuplex Industries today reported a 58 per cent fall in full year profit as higher costs, restructuring charges and bad debts hit earnings.
The company reported a net after tax profit of $26.2 million for the year ended June 30 compared to $61.9 million last year, which included a one-off gain of $24.7 million from an asset sale.
Analysts expected a net profit after tax of NZ$35.7 million, according to a Reuters Estimates' survey of six analysts.
Shares in Nuplex closed were unchanged on 6.55. So far this year the stock has lost 11.5 per cent compared with a flat performance for the benchmark NZSX-50 index.
The company declared a dividend of 20.5 cents a share, compared with 19.5 cents a share last year.
The company said in June it expected to have earnings before interest, depreciation, and amortisation (EBITDA) below or at the bottom of its previously stated range of $103m to $110m.
EBITDA for the year was $104m compared with $103m last year.
- REUTERS
