Business Services Industry
AUSTRALIA'S NYLEX LTD CONFIDENT OF IMPROVED FY RESULT.
AsiaPulse News, December, 2003
MELBOURNE, Dec 29 Asia Pulse - Diversified manufacturer Nylex Ltd, (ASX:NLX) which has laboured in recent years to reduce its mountain of debt, is confident of an improved result for the full year after divesting more non-core operations for A$96.1 million (US$71.13 million).
Nylex, formerly known as Austrim Nylex, has core businesses ranging from garden hoses, eskies, wheely bins and water tanks to automotive products and plant hire.
The company has been selling non-core businesses to pay off debt, which stood at A$402 million (US$297.56 million) at the end of fiscal 2002 and A$334 million (US$247.23 million) at the end of fiscal 2003.
In October, shareholders gave the company the go-ahead to raise A$100 million (US$74.02 million) to help pay off...
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