HIGHLIGHTS: The profit after tax of $8.0m was 91% ahead of last year’s profit before extraordinary items of $4.2m. This result was achieved despite a 12% drop in sales from $286m to $251m. Although sales in steel merchandising were lower, an improved profit was earned. The contracting operations also had higher earnings, mainly due to a lift in Robt Stone’s performance. Motorcorp Holdings Limited (50% owned) had an unprofitable year, which is a reflection of the prevailing state of the car market. Although economic conditions during the year were difficult, there are signs of some recovery. The Group has been able to reduce its operating costs further and has made savings in interest charges due to significant reductions in working capital levels and declining rates of interest.
