NZ's Nuplex H1 profit flat, to restructure NZ/Aust businesses

WELLINGTON, Feb 20 (Reuters) - New Zealand-based resin and coatings manufacturer Nuplex Industries Ltd reported on Thursday a flat first half profit as improved trading in offshore markets offset softness in New Zealand and Australia.

The company said net profit for the six months to Dec. 31 was NZ$11.4 million ($9.5 million) compared with NZ$11.5 million a year ago.

Nuplex, which makes chemical additives used in paint, pulp and paper, and building products, said it expected full-year operating earnings to be at the bottom end of the range of NZ$130 million to NZ$145 million given last November.

The company has plants through New Zealand, Australia, Asia, and Europe. It declared an unchanged dividend of 10 cents a share.

It said it also planned to simplify the structure of its Australasian businesses, which was expected to cost about NZ$3.4 million this year, but should return annualised savings of about NZ$5.8 million in 2015.

($1 = 1.2022 New Zealand dollars)

(Gyles Beckford)

((Gyles.Beckford@thomsonreuters.com)(+64 4 802 7977)(Reuters Messaging: gyles.beckford.reuters.com@reuters.net))

Keywords: NUPLEX EARNINGS/