Wellington, Aug 26 NZPA - Resins and specialty chemicals group Nuplex has reported full year net profit of $64.2 million, four times more than a year earlier, even as revenue slipped.

Chief executive Emery Severin said the substantial profit increase from $16.7m the year before, during a period of difficult and volatile economic conditions, demonstrated the strength of the company's businesses and market positions.

It also reflected actions taken a year ago to improve productivity, increase margins, and cut operational costs and working capital.

Sales of manufactured resins rose 11 percent from a year earlier, and earnings in local currencies were higher in all four regions where the company operated -- Australasia, Asia, Europe and the Americas.

In New Zealand dollars, revenue fell 2.3 percent to $1.46 billion.

A final dividend of 11c per share is being paid, compared to 5cps the year before. For the year the total dividend was up to 21cps from 8.5cps.

Mr Severin said performance in the current year would depend on economic activity in the company's markets.

"While current volumes remain below the levels of 2008, demand is significantly stronger than a year ago."