10:50, Monday, 27 June 2005 Sydney - Monday - June 27: (RWE...

10:50, Monday, 27 June 2005

Sydney - Monday - June 27: (RWE Australian Business News) -
Nylex Ltd (NLX) has reiterated its net profit for the current year would
be between $17 million and $19 million before automotive writedowns.
The company was responding to a stock exchange query, which
noted a fall in share price from 28.5c at Thursday's close to 25c on
Friday, along with an increase in trading volumes.
Nylex said managing director and chief executive Mr Glen Casey
had delivered a presentation to Citigroup on Thursday afternoon.
"During the course of the presentation, Mr Casey was asked if
the company's EBITA for the financial year 2006 would be in the vicinity
of $46 million.
"Mr Casey responded to Citigroup by stating that this projection
had never been made by the company and that on presently available
information, this projection was not supportable.
"He repeated that at this stage, the company was not prepared to
go beyond stating that its EBIT for the year ending June 2005 would be
in the range of $33 to $35 million," Nylex said.
It noted that Citicorp Nominees Pty Ltd held 13.87 million
shares in Nylex and assumed these had been divested.
"The company assumes that this possible large divestment by
Citicorp Nominees Pty Ltd has led to other divestments," Nylex said.
It also noted this movement was accompanied by a fall in the All
Ordinaries and coincided with possible "year end tax sales".
The shares fell 0.5c to 26c this morning.