On August 11, New Zealand-based steel products manufacturer Steel and Tube Ltd issued its financial results for the financial year ended on June 30, reporting a significant drop in sales and profit.
According to the financial results, the net profit of the company was NZ$5.7 million ($4.1 million) compared with NZ$26.1 million a year earlier, decreasing 78 percent. Sales revenues in the year in question saw a year-on-year decrease of 22 percent, dropping to NZ$377.99 million ($271.25 million).
Steel and Tube said the year had been among the most difficult in the company's history, with sales falling in a weak construction sector. The result also reflected a one-off charge of NZ$4.2 million resulting from the government's May budget change to rules covering deferred tax.
50.2 percent of the company is owned by Australian steelmaker OneSteel.