New Zealand's Steel and Tube Holdings hits over three-month high on strong results

Steel & Tube Holdings

22/08/2022 04:12

** Shares of New Zealand's Steel and Tube holdings  STU.NZ 
rise as much as 4.8% to NZ$1.53 - highest since May 2 
    ** The Steel product distributor declares a final dividend
of 7.5 NZ cents per share  urn:newsml:reuters.com:*:nNZW1yJb0d  
    ** Co says FY22 net profit after tax rose 96.4% to NZ$30.2
million ($18.70 million) and revenue rose 24.6% to NZ$599.1 Mln 
    ** Co expects strong demand for steel
    ** Pricing to remain elevated for the rest of the calendar
year  
    ** Expects inventory cover levels to reduce as shipping and
supply chain congestion eases  
    ** Stock is on track to see best day since June 10 - if
gains hold  
    ** Shares are down ~5.8% YTD as of last close   
($1 = 1.6150 New Zealand dollars)

 (Reporting by Nausheen Thusoo in Bengaluru)
 ((Nausheen.Thusoo@thomsonreuters.com))