RED BANK, N.J. (Aug. 25) — Rubber glove and condom maker Ansell Ltd. posted strong net profit for fiscal 2006, despite soaring latex prices.
The company´s earnings more than doubled, rising to $86.7 million from $40.1 million in fiscal 2005. Sales rose almost five percent to $849 million in fiscal 2006, Ansell´s largest annual increase in the last eight years. The previous year´s results were impacted by a charge of about $61 million while fiscal 2006´s earnings took a charge of about $4 million.
The company said strong second half sales along with plant efficiencies and cuts in the firm´s overhead helped boost earnings.
More than half of Ansell´s products do not contain natural rubber latex, CEO Doug Tough said, "and so we were able to withstand relatively well the unprecedented cost impacts on our latex-containing products."