Skellerup Holdings Ltd. rose the most in more than three months in Wellington trading after the New Zealand manufacturer of rubber products used in the dairy industry raised its full-year profit outlook.
Net income may rise as much as 63 percent in the year ending June 30 because of an improved trading outlook at its industrial and agricultural units, the Auckland-based company said yesterday. The stock increased 7.6 percent, the biggest gain since Aug. 25.
Skellerup said earnings will exceed market expectations and it now forecasts net income rising to between NZ$18.5 million ($14 million) and NZ$19.5 million from NZ$12 million in the year ended June 30, 2010. It said sales and profit in the five months through November had improved, without providing details.
The stock rose 8 cents to NZ$1.13 cents at the 5 p.m. market close in Wellington. It has gained 14 percent since Dec. 13 when Skellerup was named to replace Pike River Coal Co. in the benchmark NZX 50 stock index.
To contact the editor responsible for this story: Iain Wilson email@example.com