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Skellerup Shares Gain Most in Six Months on Earnings

Aug. 25 (Bloomberg) -- Skellerup Holdings Ltd. rose the most in more than six months in Wellington trading after the New Zealand manufacturer of rubber products used in the dairy industry said full-year profit surged 30 percent.

Net income rose to NZ$12 million ($8.4 million) in the year ended June 30, the Auckland-based company said today. The stock increased 9.6 percent, the biggest gain since Feb. 18.

Skellerup said sales in the six months through June jumped 16 percent amid increased demand for rubber tubing and filters from the dairy industry. Rising world prices for milk powder, butter and cheese have boosted payments to New Zealand farmers, encouraging demand and the outlook is positive, it said.

Sales of gaskets and other rubber products to the appliance and automotive industry improved in the second half and are set to grow further, even as markets in the U.S., Europe and Australia remain “patchy,” the company said. Net income in the year ending June 30, 2011, is likely to increase to between NZ$16 million and NZ$17 million, it said.

The stock rose 7 cents to 80 cents at the 5 p.m. market close in Wellington, the highest finish since Oct. 9, 2008.

To contact the reporter on this story: Tracy Withers in Wellington at twithers@bloomberg.net.

To contact the editor responsible for this story: Iain Wilson iwilson2@bloomberg.net

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