A strong second half-year has enabled wool scourer and
exporter New Zealand Wool Services International to report an
after-tax operating profit of $2.2 million.
A second six-month profit of $2.9 million meant New Zealand
Wool Services International (WSI) turned around an earlier
deficit and recovered from a $4.4 million loss for the
2008-09 year.
Government tax changes on building depreciation meant a tax
adjustment of $1 million, which gave a net profit of $1.1
million.
Operating revenue in the year to June 30 was up slightly at
$151 million compared with $150 million for the previous
period.
It contributed to an operating surplus before tax of $3.2
million compared with a $3.8 million loss for the previous
period.
A fully imputed dividend of 1c a share will be paid.
Chairman Pat Morrison said the result was an excellent
turnaround given difficult economic conditions, driven by
improving demand for wool as users replenished depleted
inventory.
He expected the improvement to continue and help lift prices.
The company was on track to record an improved result for the
current financial year through better margins, improved stock
turnover, greater scour productivity, improved cash flow and
lower debt, he said.
Bookmark/Search this post with:
A name, residential address, and (preferably residential) telephone number is required from readers who comment on ODT Online. These details will not be visible to site visitors.