Schaffer reports profit increase driven by leather
Australia-based company Schaffer Corporation, which is involved in the leather and construction industries, has posted a 118% jump in first-half profit to AUD$4.4 million (US$4.7 million) backed by a strong performance in its automotive leather division.
The result was achieved on revenue of AUD$81 million (US$86.2 million), up 23% on the previous corresponding period.
Chairman John Schaffer said the company’s Slovakian and Chinese operations had delivered an overall 42% increase in cut leather sales and also achieved a higher average selling price per square metre.
Schaffer predicted net profit for the full year would be higher than the previous year but its second half performance was likely to be lower than that achieved in the first half.
