Net profit falls to $11.5, or 5.8 cents per share, in the six months ended December 31 from $24.1m (12.3 cents) a year earlier.

The company expects to make savings from a restucturing programme across Australia and New Zealand.

Net profit fell 6% to $62.5 million as sales rose 2.6% to $1.6 billion.

Net profit fell 6% to $62.5 million as sales rose 2.6% to $1.6 billion.

Nuplex Industries says full-year earnings willbe at the bottom end of its range, although second-half trading has met expectations and margins have improved. 

Nuplex managing director John Hirst has formally stepped down the role today after more than 40 years with the business, but will stick with the resin company for another two months.

Mr Hirst’s exit from the company has been in the works for some time, with Dr Emery Severin due to step in.

In a brief statement released to the NZX today, Nuplex said the changeover had gone ahead as planned.