Skellerup issues profit warning

ERJ staff report (DS)

Christchurch, New Zealand -- Skellerup Holdings has reduced its profit forecast for the full year ended 30 June 2009. The company said the overall result for the year ended June 2009 is now projected to be a net profit after tax between NZ$8m and $9m (Euro 4 million), compared with approximately $11m predicted last February.

The company said, "markets for the Company's Industrial Division products in Europe and the United States in particular have now deteriorated to a significantly greater degree than was anticipated when earnings guidance was provided in February."

Chairman Sir Selwyn Cushing said that the Agricultural Division is continuing to trade in line with the Board's previous expectations, and that the Board remains confident that the primary focus for future growth should continue to be in the manufacture, marketing and distribution of technical polymer products into global markets for both the Industrial and Agri Divisions.

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Press release from Skellerup