WSI revenue surges on back of commodity boom
New Zealand Wool Services International cashes in on doubling in wool price - but warns result will be "difficult to replicate".
Hot Topic
SCIENCE
Wool exporter New Zealand Wool Services International (WSI) has posted a 32.5% increase in revenue, to $200 million on the back of surging commodity prices.
In a statement to the NZX covering the full year result to June 30, WSI said the coarse wool price had nearly doubled to $6.48 a kilogram since July last year.
The result helped push net profits to $6.6 million, up from $1.1 million in the period prior.
In notes accompanying the results WSI warned investors these results would be difficult to replicate and also flagged a number of ongoing issues.
A High Court challenge is underway over whether a bid by suitor Cavalier Wool Holdings would amount to a monopoly, and Timaru financier Allan Hubbard’s large stake has been caught up in statutory management and is understood to have been subjected to a Serious Fraud Office probe.
Matt Nippert
Fri, 02 Sep 2011
Fri, 02 Sep 2011
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
WSI revenue surges on back of commodity boom
16715