Penrice is enjoying stronger sales thanks largely to the glass industry, which is using the company's soda ash to make more and more bottles to hold wine.The South Australian-based company has reported a first-half net profit of $4.39 million, with an unplanned plant shutdown in July last year lowering the result by $750,000.
The result compared with an $841,000 net profit in the previous corresponding period.
Excluding one-off items, the underlying net profit of $5.14 million was in line with forecasts from its prospectus last year.
Sales revenue rose 7 per cent to $65.6 million in the first half while earnings before interest and tax for the period were $6.1 million, up from $5.3 million.
Penrice CEO David Reid said the first-half sales growth came mainly from higher production of soda ash and a stronger soda-ash price.
"The expanded soda-ash sales and revenue were mainly a result of increased sales to the glass industry, which in turn were driven by continuing higher wine sales," Mr Reid said.
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