Gulliver posts improved results

Gulliver Consolidated had a rough but fruitful year with sales improving from $1.9 billion to $7 billion and net profit increasing from $213.3 million to $909.7 million.

According to its results for the year ending September the group had an operating profit of $1.6 billion compared with $353.3million the previous year.

Industrial Galvanising and Fabricating was badly affected by lack of public sector projects. It still remained viable and diversified its product range.

Lysaght Steel Merchants was affected by lack of stock but its results were better than the previous year.

More Wear Industries had a number of sizeable projects and improved its contribution to the group.

It has signed new contracts for its wagon and tanker fleet which should see an improvement in its contribution.

Moresteel continued its growth through site mine work and general fabrication while Megasteel suffered declining volumes but still managed to improve its returns.

Residential Suburbs did not do much as development was put on hold. A joint venture has now been approved which should see development work starting this year.

Transport and Crane expanded its cargo work and posted improved results despite its ageing fleet.

The Botswana and Malawi operations remained dormant.

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