NZ's Steel & Tube Holdings rises after swinging to profit

Steel & Tube Holdings

24/08/2021 01:08

** Shares of steel products maker Steel & Tube Holdings Ltd
 STU.NZ  rise as much as 2.7% to NZ$1.15
    ** STU swings to a FY net profit after tax of NZ$16.1 mln
($11.10 mln) vs a loss of NZ$60 mln last year
    ** Co also posts a 15% jump in its annual revenue to NZ$480
mln 
    ** Says it has seen improvements in all areas, with volumes,
revenue and margins recovering across the year with strong
pipeline of secured work
    ** Adds, in FY 2022, will continue to invest in digital
technologies
    ** Stock has risen ~20% this year, as of last close

($1 = 1.4503 New Zealand dollars)

 (Reporting by Indranil Sarkar in Bengaluru)
 ((Indranil.Sarkar@thomsonreuters.com;))