Joyce records strong half-year profit growth

O’Connor-based manufacturer Joyce Corporation posted a net profit after tax of $3.3 million, up 171.6 per cent on the previous corresponding period. The company reported revenues from ordinary activities of $23.6 million, down 24.6 per cent, while an interim dividend of six cents was paid on February 3, 2006. Operations for the period were affected by the sale of the foam businesses at the end of November. After the sale of Joyce’s foam businesses, Joyce Corporation Ltd continues to own properties in Sydney, Brisbane, and Adelaide. These properties have been leased to the new owners of the foam business. Joyce also continues to hold a 49 per cent investment in the Bedshed national franchising operation. As a consequence of the sale of the foam activities for approximately $16 million, Joyce Corporation Ltd has repaid $10.3 million in borrowings.

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