The resins and chemicals maker Nuplex Industries has made a record full year profit after cutting costs to cope with a decline in revenue.
The company made $64.2 million in the year to June, quadruple the previous year's $16.7 million.
Sales fell by 2% as it sold more product at lower prices.
Nuplex chief executive Emery Severin says gross earnings rose by half to $139 million as it cut jobs and slimmed down its operations, shifting production to higher value products.
Mr Severin says demand is significantly stronger than a year ago but remains below 2008 levels.
The company will pay a higher dividend of 11 cents a share.
In April, the Securities Commission took legal action against Nuplex and some current and former directors for allegedly breaching disclosure obligations regarding banking covenants.
Nuplex denied the charges and said it will defend them.