Quake payout doubles Skellerup profits

Last updated 10:47 21/08/2014

Relevant offers

Christchurch Earthquake 2011

CTV to debut doco series on East Christchurch Wife creates dream garden for quake amputee husband Brian Coker Heritage stone church rebuild Heartbroken parents break silence to honour the extraordinary life of Brigitte Nimmo Daughter of EQC executive being investigated again EQC faces court challenge over repair policies Young Cantabrians to have their say in shaping of Christchurch Late, inadequate and frequently defective 'Inquisitive' duo caught inside Christ Church Cathedral Greendale residents smash pianos in earthquake memorial

A Canterbury earthquake insurance settlement has more than doubled Skellerup Holdings' net profit for the year to June 30.

The NZX-listed rubber goods and industrial equipment maker posted an after-tax profit of $41.1 million, up from $19m last year.

The substantial increase was largely due to $20.4m in gains from a Canterbury earthquakes insurance settlement.

Without the earthquake insurance settlement net profit was up $1.7m or 7.4 per cent.

Revenue was up 4 per cent to $196.6m.

Skellerup chief executive David Mair said he was pleased by the performance of the company's agri division, which had benefited from a buoyant New Zealand dairy sector. However, returns from the company's industrial division were slower than what he would have liked.

"We have focused on investing in our team and product range, winning new business in all markets," Mair said.

"In particular, we have continued to invest in the US market with a number of new sales positions being created across our business."

Skellerup's strong position in Europe and opportunities for growth in China would help offset the impact of any drop in farm returns in New Zealand, he said.

Construction of its $30m dairy rubberware development and manufacturing facility in Christchurch was expected to start before Christmas this year and be completed by the end of next year.

Shareholders will be paid a 5-cent half-year dividend, taking the dividends for the year to 8.5c.

Ad Feedback

- BusinessDay.co.nz


Special offers
Opinion poll

Which memorial design do you like most?

Memorial Wall with a reflective pond

Table and Chairs

A Green and Peaceful Landscape

Call and Response

Riverside Promenade

A Curved and Inclusive Memorial Wall

Vote Result

Related story: Christchurch earthquake memorial designs unveiled

Featured Promotions

Sponsored Content