17 Aug 2012

Profit flat for Nuplex

11:50 am on 17 August 2012

Nuplex Industries has reported a flat profit, due to new acquisitions offsetting weak manufacturing and construction markets in Australasia.

The resins and chemicals company made $66.2 million in the year to the end of June, an increase of 1% compared with the previous year.

Excluding one-off times, Nuplex's normalised profit fell 6% to $62.5 million. Sales rose 3% to $1.6 billion.

In June, Nuplex forecast flat operating earnings of $131 million.

Chief executive Emery Severin says that was achieved by keeping a lid on costs and bolstering its presence in Europe, which offset flat or weaker demand.

Looking ahead, Mr Severin expects another challenging year. He says Nuplex is focusing on lifting earnings from recent acquisitions and continuing to keep costs down.

Nuplex declared an unchanged final dividend of 11 cents per share.