Nuplex full year op profit up 42 percent

Specialty resins and chemicals company Nuplex Industries has posted a 42 percent rise in full year operating profit to $53.4 million.

Managing director John Hirst said the result reflected improved productivity after significant restructuring, with new capacity in Europe and the closure of loss-making plants in Brazil and Britain.

Demand increased in Asia, and a positive contribution came from the G-Cure acquisition in the United States, he said.

The stronger performance was achieved despite a challenging international economy with Nuplex having to face a considerable increase in costs driven by a higher oil price.

Net profit after tax for the year to the end of June was up 84.4 percent to $48.3m, while revenue from ordinary activities rose 5.5 percent to $1.53 billion.