Despite reporting record pre-tax profits of A$10.9 million ($5.8 million), Australian diversified industrial firm Schaffer Corp registered an 8.2% reduction in net profits due to a 48% increase in the company’s tax bill. The company has operations in several sectors including building materials, leather, property investment and financial services.

The leather operations reported good earnings, but extraordinary payouts for redundancies and the closure and sale of the firm’s Darkan facility meant there were added costs of A$2.9 million ($1.54 million).

Share this story: