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For $12.5m profit Skellerup Holdings said its December half year net profit rose 6 per cent to $6.1 million. The company reconfirmed it was on track for a full-year net profit of $12.5 million compared with $637,000 last year after one-off writedowns of $17.9 million.
Revenue rose 10.3 per cent to $103.3 million, mainly reflecting a full six months' contribution from Italian company Tumedei SpA and strong construction in New Zealand. Ebitda rose 16.3 per cent to $16.4 million. Chairman Sir Selwyn Cushing said dividend payments, suspended last year, would be resumed in October.
The rate will be in line with the policy to pay out 40 to 60 per cent of net profit. Operating cash flow improved to $9 million from $6.3 million, reflecting the improved profitability assisted by cost savings. The company planned to focus on global technical polymers and buy assets in targeted business areas while selling non-strategic businesses.
