one to watch

The Victorian transport and car parts group, Ion, has reported a profit of $A29.1m for the year to June 2002. The company's core business, Castalloy, experienced a 14% decline in its annual earnings to $A7.7m, but Ion's overall group profit was boosted by the strong performance of its Cootes Transport Business, which earned $A5.1m, up 14%. Ion's recently acquired BTRA transmission business in Albury contributed $A7.1m over three months, and its New Zealand-based business, Argent Metals, contributed $A7.8m over 11 months. Ion is predicting a further 72% rise in earnings in the current financial year and a profit after tax of $A50m