Unisouth edges up
UNISOUTH Holdings' interim profits have edged up 4.45 per cent to $20.64 million for the six months to September 30.
Turnover dived 55.47 per cent to $54.62 million, but earnings per share nudged up 4.23 per cent to 24.6 cents.
The company recorded an exceptional item of a $9 million provision for the pre-operational expenses resulting from a delay in relocation of the group's textiles operations in Sri Lanka.
Work to provide electricity and permanent water to the plant, which will house the group's spinning and weaving operations in Sri Lanka, is continuing and is expected to be finished next month.
Earnings for the full year are likely to be affected by the delay in the start-up of the operation, but the company expects stable earnings from its broad investment portfolio.
The group also provided a $7 million loan to a Hong Kong company which has a 60 per cent interest in each three joint-venture companies in China which manufacture low-cost, specialised construction materials.