Nuplex has seen its profit slump 65% to $16.7 million in the year to June due to the global recession.
Gross earnings for the resins and chemicals maker fell 25% to $91.5 million after being clobbered by high raw material costs in the first half of the year, and then a collapse in demand due to the global recession.
Managing director John Hirst says Nuplex cut 8% of its work force and the size of its operations to reflect the drop in demand, which fell 20% in most regions and 30% in Europe.
Earlier this year, Nuplex raised almost $160 million capital to reduce bank debt.
Looking ahead, Nuplex says trading conditions are stable but the recovery will be slow as customers looked to replenish stocks.
The company paid a final dividend of 5 cents per share, and a special dividend of 3.5c per share.
