Phoenix profit trebles

Phoenix Consolidated Industries in which Apex Corporation has a 51 percent stake had what the company termed impressive results but sales just more than doubled from $991.6 million to $2.5 billion while net profit trebled from $108.2 million to $466 million.

Unlike the parent company, exports declined by 18 percent.

Sales and profits for Phoenix Brushware exceeded inflation. Brushware volumes were down but this was compensated for by an increase in the sales of plastic packaging to the cosmetic market.

Premier Products had a good year because of high demand for bathroom ware. It is now looking at increasing its sales of storage tanks with focus on the export market.

Productivity levels at Scandia Wire increased by 12 percent despite the shortage of locally produced raw material. It won the company award for the highest exports.

JW Searcy had its best operating performance ever largely because of support from foreign suppliers while William Smith and Gourock was the company’s star performer.

It won the awards for top overall unit, most profitable unit, unit with the highest turnover and unit that generated most cash.

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