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NZ Steel has posted a 26.7% drop in tax paid earnings
Scoop Business reported that the holding company for the New Zealand Steel mill at Glenbrook near Auckland has posted a 26.7% drop in tax paid earnings in the year to June 30th according to Companies Office records filed before shortly before Christmas.
Profit fell to USD 95.3 million from USD 126.4 million a year earlier the bare bones accounts for Tasman Steel Holdings show. The company increased total sales by 3.8% to USD 878.1 million in the 12 months to the end of June last year but cost of sales rose 8.6% resulting in a 28.7% drop in gross profit to USD 77.5 million.
That was despite an unexplained near halving of administration expenses to USD 24.9 million in the year under review from USD 42.7 million in the previous year.
On a comprehensive income basis, the Tasman Steel business reported a loss of USD 49.5 million compared with a profit of USD 73.1 million a year earlier reflecting an actuarial revaluation of the company's pension fund that knocked USD 165.6 million off its previous value. The change is not a cash item.
The accounts also disclose a USD 1.1 million dividend payment to Australian parent Bluescope during the year using accumulated funds.
NZ Steel chief executive Mr Simon Linge could not be reached for comment by time of publication.
However, he told last September 2012 that he was chasing a stretch target to treble profits over the next 5 years although that would be challenged by falling global steel prices.
Earnings from the New Zealand operation come mainly from fulfilling demand from the domestic market, with direct exports of unprocessed Taharoa ironsands a further significant revenue source.