Resin and chemical maker Nuplex Industries says its first-quarter earnings are tracking close to last year's and it anticipates a first-half performance a little below last year's.
But the company is forecasting that full-year earnings before interest, tax, depreciation and amortisation will be above last year's record $122
million.
It believes the consensus forecast of analysts of $130 million is achievable, conditional on some pick-up in confidence in key markets and effective execution of current strategies.
At the annual meeting yesterday, tribute was paid to chairman Fred Holland, who is retiring after 45 years with the company.
Since August the company had experienced a softening of demand across most segments of business but cost reductions were in place, Holland said.
If the Australian and New Zealand dollars remained soft, income from abroad would "make a positive addition to our bottom line".
The company earns 90 per cent of profits in regions outside New Zealand and the strong New Zealand dollar last year reduced operating earnings by $1.7 million.
- NZPA
