Auto leather sales drive record profits at Australia`s Schaffer
Increased sales by its automotive leather division, Howe, enabled Australian diversified industrials group Schaffer to post a record 31% rise in full year 2002/03 profits yesterday, to $A17 million ($11m). Shares in the group leapt 5% as the company also took the opportunity to announce a special dividend.
In announcing the figures, Chief Financial Officer Graeme Monkhouse reported that Howe was poised for further major business gains on the back of a 7% expansion in the global leather market over the next year. Despite this, he expected profits to be lower in the second half of 2002 as the company switched to new product lines.
Schaffer also revealed that it is looking at the possibility of opening additional cutting plants in
