Steel & Tube NZ Ltd said on Friday it expected its full-year ebit (earnings before interest & tax) to fall 10-15% of the 2016 figure.
When the company issued its half-year results in February, it indicated that the full-year result would be consistent with last year’s.
However, chief executive Dave Taylor said on Friday the second half proved more challenging in the final weeks: “We have faced multiple construction & infrastructure project challenges and delays which have been out of our control, coupled with intense competition in the market, leading to tighter margins, particularly in the construction sector.”
Despite falling short overall, however, Mr Taylor said that, excluding last year’s $6.2 million of gains on the sale of property, underlying ebit for the year to June would be 2.5-8% higher.
Attribution: Company release.