Castings PLC said on Wednesday that due to the disruption caused by the coronavirus pandemic, pre-tax profits and revenues for the 2021 fiscal year have fallen, but full production has now resumed.
The cast iron and machining company reported a pre-tax profit of 5 million pounds ($7 million) for the year ended March 31, down from 12.7 million pounds in the 2020 fiscal year.
The company said that because customers stopped manufacturing trucks, its output fell by 80% in the first two months of the fiscal year. Although demand increased in the second half of the year, production was interrupted due to the need for employees to self-isolate.
The company said that although full production has now resumed, its customers are still struggling to cope with the shortage of semiconductors and other key components, and the prices of raw materials have risen sharply. Castings said that these increases will be reflected in price increases in fiscal year 2022, but profits in the last three months of fiscal year 2021 will be affected.
The board of directors declared a final dividend of 11.69 pence, increasing the total annual dividend from 14.88 pence a year ago to 15.26 pence.
The Dow Jones News Agency is a source of financial and business news that affects the market. It is used by wealth management institutions, institutional investors, and financial technology platforms around the world to identify trading and investment opportunities, strengthen the relationship between advisors and customers, and build the investor experience. Learn more.
Hebei Mingda International Trading Company is a trading company which is specialized in castings, ODM Ductile Iron Manhole Cover forgings and machinery parts.Our products include all kinds of raw castings to be made of ductile iron , grey iron , brass , stainless steel and aluminums, machined castings and forged parts .ODM Ductile Iron Covers To make these parts according to the customers’Custom Iron Casting drawings , we have relative suitable production craft and equipments, such as resin sand , sand mould , hot core boxes , lost-wax , lost –foam and so on Iron Casting Manufacturer Custom.Specially for hydrant bodies and valves’Ductile Iron Manhole Cover Manufacturer bodies, we have collected rich experience for these products in the past 16 year’s actual production, Now we are proud of our products with good surface and high quality material. Iron Casting ManufacturerWhatever,we have been trying our best to provide our customers with better quality castings by improving production crafts and more careful quality control.Cast Iron Castings Manufacturer|super blog