SYDNEY, Aug 26 (Reuters) - Australian auto parts manufacturer ION Ltd posted an 83-percent rise in annual profit on Tuesday, bolstered by acquisitions in both Australia and New Zealand.
Net profit for the year ended June 2003 rose to A$53.1 million ($34.5 million), compared to A$29 million a year earlier.
ION shares have increased 18.6 percent so far this year, compared with a 5.6 percent rise in the benchmark S&P/ASX200 , as of Monday's close.
The stock advanced five cents or two percent in early trade on Tuesday to A$2.54 as the overall market eased.
ION said its profit included a full financial year contribution from the Auckland alloy wheel plant in New Zealand, which was acquired two years ago, as well as a contribution from the Albury transmission plant in New South Wales state, which it bought in April 2002.
ION said revenue for the year was A$679 million, up 94 percent on a year earlier, while a final dividend of 6.0 cents per share, up from 4.0 cents a year earlier, was also declared. ($1=A$1.54)