Capral Aluminium has blamed delays and costs associated with the restructuring process for a net loss after tax of $4.3m for the year.
The aluminium extruded products manufacturer’s revenue from operating activities was $382.3m. This is down 13.2% compared to 2002. The company shipped 74,510 tonnes, 8.4% down on the previous year. The rising price of aluminium hit revenue, along with destocking by major fabricator and distributor customers and the appreciation of the dollar.
In a statement to be presented to the company’s AGM today, chairman John Crabb said that production costs were twice what the company needed to attain to be considered a low cost producer. Crabb said that a “complete re-engineering of the company” was underway. He acknowledged delays along the way, but claimed that “ by consolidating our manufacturing and warehousing facilities, investing in the very latest technology, and adopting more streamlined systems, processes, and procedures” the company would become profitable.