Business Services Industry
Smorgon Steel Group (SSX) $1.19.
Australasian Business Intelligence, September, 2003
Sep 16, 2003 (Your Money Weekly - ABIX via COMTEX)
Smorgon Steel has been degraded from "buy" to "high risk buy". The Australian steel manufacturer recorded a net profit after tax (minus preference dividends) of $A47 million in 2002-03, which was 26 per cent higher than its 2001-02 result. Gearing contracted from 61 to 49 per cent during the period. Smorgon's results in the second half of 2002-03 were constrained by higher input prices, an industrial dispute and the rise in the $A. If it were not for the family discount, the stock would probably be priced at more than $A1.50 per share. The firm's earnings should peak in 2004-05.
Publication Date: 11 September 2003
SMORGON STEEL GROUP LIMITED - ASX SSX
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