Ship maker Austal has posted a net profit of nearly $36 million for the year 2012/2013, with efficiencies and improved margins credited for the strong result.
Ballarat and its surrounds have suffered a loss of industrial activity recently, as tough economic conditions force companies to cut staff or reduce their hours.
Botany-based Standard Universal Group, a fabric manufacturer, will shut its premises this week.
HSBC’s flash China PMI has recorded a result of 50.1, indicating an expansion in its manufacturing sector.
Boral has posted a $212 million loss for a year in which it made 800 redundancies, and has suggested further cuts would be necessary.
Hills Holdings has managed a $19 million underlying profit, though reported a loss of $94 million for the last financial year, due to expensive restructuring costs.
BlueScope Steel has announced this morning that it has shrunk its annual loss from $1.04 billion to $84.1 million, with a return to profit expected this financial year.
The Victorian Employers’ Chamber of Commerce and Industry has spoken out against the federal government’s proposal to create a Special Economic Zone in the Northern Territory, saying this would be good for the NT but bad for everybody else.
Sleepmaster, a manufacturer of products including quilts, pillows and beds, has been placed in receivership.
Joe Kaeser, the new CEO of German industrial giant Siemens, has said he played no part in ousting Peter Loescher, contradicting reports that the two were on poor terms.
GM Holden is asking 1,700 staff to take a two-year pay freeze to help the company save $15 million a year and remain viable.
The official China PMI, due out on Thursday, is predicted to show the country’s manufacturing sector contracted for the first time in ten months.
New Zealand tapware manufacturer Methven has announced that it will buy Chinese company Invention Sanitary for as much as $US 10 million.
A report by think tank the Grattan Institute suggests that the country’s manufacturing sector has performed with resilience through the mining boom and will grow as investment in resources – worth $400 billion in the last decade – tapers off.
The biggest mining boom in Australian history since the gold rush of the 1850s is about to change shape. The investment phase of the boom, which has seen A$400 billion invested in the last decade, is tapering off.
The proposed Gladstone Steel Project, claimed to be worth $4 billion by the company behind it, will not go ahead as Boulder Steel goes into voluntary administration.
The shares of clothing maker Billabong were up sharply yesterday in response to a debt refinancing deal.
Byron Bay Cookie Company, which entered voluntary administration in March, has been sold to the Rinoldi Group.
US-based aluminium maker Aloca has confirmed that its Victorian smelters are being considered for closure as it comes under pressure to reduce production.
Toyota Australia has posted a yearly profit result, after three years with losses totalling $150 million, and increased its revenues by over a fifth.