Steel & Tube Holdings reports improved financial results

Steel & Tube Holdings reports improved financial results

New Zealand-based steel producer and distributor Steel & Tube Holdings has recently posted financial results regarding full year ended on June 30, 2004. Accordingly, net profit of the company has increased by 32% to NZ$28.5 million ($18.8 million) against NZ$21.5 million ($14.2 million) recorded in the previous fiscal year. The company reported its sales revenue as NZ$387.8 million ($257 million), up by 18.7% against sales revenue recorded in the previous fiscal year. The improved results are attributed to strong demand from construction sector and increased consumer spending.