12 May 2011

Profit downgrade issued by chemical company

12:38 pm on 12 May 2011

Nuplex Industries has issued a profit downgrade.

Last year's annual meeting was told a full year profit of between $68 - $75 million was expected.

The resins and chemicals maker is now forecasting a surplus of between $62 - $65 million due to higher raw material costs, weaker demand in Australia, and restructuring costs.

Gross earnings are expected to be lower at between $125 - $129 million.

Shares in Nuplex fell by 4 cents to $3.12 on Thursday.