Matrix lifts profit 159%

18/02/2011 - 15:35

Bookmark

Save articles for future reference.

Advanced materials group Matrix Composites and Engineering met its own profit guidance today with a 159 per cent increase in interim profit, but the stock still slipped lower after its stellar run over the past year.

Advanced materials group Matrix Composites and Engineering met its own profit guidance today with a 159 per cent increase in interim profit, but the stock still slipped lower after its stellar run over the past year.

Matrix, which manufactures and sells foam buoyancy and polyurethane products, reported net profit was up to $19.2 million for the half year ended December 31, up from $7.4 million the previous corresponding period.

Interim revenue increased 112 per cent to $92.4 million, up from $43.5 million the prior half-year.

Matrix's composite materials division did most of the heavy lifting over the half year, with $84.2 million in revenue driving a profit of $27.3 million, compared to $14.6 million revenue in its heavy engineering division, which resulted in a $296,945 loss.

At close of trade today Matrix shares had slipped 4.2 per cent, to settle at $8.50.

Matrix said it had completed building works at its new Henderson workshop, and production would be progressively commissioned from February through to April, while its Malaga plant would continue to operate until July.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options