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NZWS International posts $2.86 million profit

News Release
New Zealand Wool Services International posts $2.86 million profit

New Zealand’s largest wool scourer and exporter, New Zealand Wool Services International Limited, today announced a $2.86 million tax paid profit for the year to 30 June 2006.

Chairman of the Christchurch based company, Pat Morrison, said the result was a 193 per cent improvement on the previous year’s result of $975,000.

“In general our result was satisfactory given our result at the six months.

- Trading proved very difficult in the first six months but improved in the second half. Additionally with the weakening of the NZ dollar significant currency profits were achieved;

- Kaputone Wool Scour (85 per cent owned) performed well on lower throughput than that of the previous year;

- Whakatu Wool Scour (65 per cent owned) had a disappointing result due to a number of issues arising from re-commissioning;

- We do have concerns about increasing costs at our scours which are not recoverable in the present climate;

- Our investment in Rural Wool Link (50 per cent owned) had a good year,” he said.

Return on average shareholders’ equity for the year was 9.5 per cent, compared to 3.2 per cent the previous year. Earning per ordinary share was 4.1 cents, compared with 1.4 cents the previous year.

A fully imputed dividend of three cents per share has been declared, and will be paid on 16 November 2006. The record date for entitlements is 5 pm on Friday 3 November 2006.

New Zealand Wool Services International Limited is listed on the New Zealand stock exchange.

2006 2005
$000 $000

Operating revenue 131,599 119,052
Operating surplus before tax 4,429 561
Income tax expense (1,521) 424
Operating surplus after tax 2,908 985
Minority Interest (48) (10)
Operating Surplus after tax and minority interest 2,860 975


ENDS

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