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Steel and Tube said today it expected its first half net profit to fall by up to 27 per cent, but it would actively seek acquisitions for growth.
The company told shareholders at its annual meeting a high New Zealand dollar was the main reason for the expected $4 million drop in profit.
It said it needed to seek acquisitions, to give further impetus to its growth plans.
Last year, the company reported a net first half profit of $14.7 million, which was down 17 per cent on the year before because of a high exchange rate and slowing markets.
Shares in Steel and Tube Ltd, half-owned by Australia's OneSteel Ltd, last traded down 1 cent or 0.2 per cent at $4.35. So far this year the stock has fallen 10.3 per cent compared with a 2.6 per cent rise for the benchmark NZSX-50 index.
- REUTERS
