Could this be setting the trend for building and construction industry (STU,FBU,MPG) in general for FY18 that things are gonna be very tough...
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HY report announces EBIT for six months of $6.7M (HY17: 16.1M) and NPAT of $3.8 (10.6M). Impairment costs done, and future now brighter......
https://steelandtube.co.nz/2018-half...igital-version
Another "Oh Dear" coming.?
No no percy ......not again surely ....but this sounds a bit ominious -
The halt is to allow for STU’s board to complete a review of the company's financial performance year to date and consider certain other factors that are likely to impact on earnings guidance previously provided to the market.
Wonder what’s happened to the rumours about corporate activity
you missed 'asset valuations' out.
maybe they have sold their Blenheim Road site which they took to market per the announcement on the 3rd?
Yep– that’s plausible. They seemed to be pretty upbeat about its value though - “Steel& Tube believes the Blenheim Rd property will be very attractive to potential landlords. The property is expected to be one of the leading industrial investment opportunities in the South Island market for 2018.”
Was it is 2016 that the divi was increased because of property sales? i.e. by selling and & leasing back their site at Seaview? Who knows – might be a positive update coming (…..now wouldn’t that be a surprise!)
Certainly a shortage of good quality industrial properties out there for investors and the syndicated managers (fees! Fees! FEES!) but my understanding is that single purpose properties leased by one tenant is not as attractive and sought after as multi-purpose and multi-tenant properties.
Maybe Zero Commission making a full takeover at $1.88