Listed firm Scott Technology has lifted its half year profit by more than a quarter, due to stronger demand for its mining equipment and production lines in the Asia-Pacific region.
The Dunedin-based company made $2.8 million in the six months to the end of February, an increase of 27% compared with the same period a year earlier.
Revenue rose 35% to $29 million, boosted by the mining boom which lifted sales for its equipment. The company also experienced strong demand for appliance production lines in China and Australia, and meat processing lines in Australia.
But Scott Technology says results from its North American market, which had been an important driver of its appliance production line business, has been mixed, while demand from Europe is almost non-existent.
Scott Technology chief executive Chris Hopkins says however that North America has remained strong for the mining sector and the company had supplied quite a bit of equipment into both the US and Canada.
He says the mining boom in Australia had benefitted Scott Technlology and Russia and the former Soviet states have continued to perform strongly.
The company was also seeing a lot of interest from Africa.
Scott Technology has declared an increased dividend payout of 2.5 cents a share.