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B K Korvest Ltd ABN 20 007 698 106 PRESS RELEASE Korvest First Half FY2021 results The Chairman , Mr Graeme Billings , today announced the following operating results for the 6 months ended 31st December 2020 for Korvest Ltd. Mr Billings said that revenue from trading operations for the half - year decreased by 9.7 % to $ 32.6 million with less Industrial Products project work undertaken during the period compared to the prior comparative period ( PCP ) . From July to September the Group was eligible to receive the Federal Government's JobKeeper subsidy and as a result $ 1.86 million of income from this subsidy is included in the FY21 first half result COVID - 19 The Group did experience some disruptions to normal trading during the first half . The Victorian branch felt the greatest impact as a result of the significant and lengthy restrictions that were implemented in Victoria . Whilst the branch was able to continue to trade throughout the extended restrictions , there were reductions on the number of staff who could be onsite at any time . These restrictions affected building sites and therefore had a negative effect on sales of products . In November , South Australia implemented a state - wide shutdown in response to a cluster of COVID cases . This forced production at Kilburn to cease , however , fortunately it was only for a period of two days and this lost production time was able to be quickly caught up once the lockdown was lifted . There were some additional staffing costs associated with overtime to recover this lost production . Industrial Products The EzyStrut business was quieter during the first half compared to the PCP . In the current year , one major infrastructure project was supplied compared to two during the PCP and this was responsible for a large portion of the reduction in revenue in the Industrial Products segment . Gross margins on major project work have been under pressure due to strong competition in this segment . The general market traded slightly below the levels of the prior year , with all States other than WA recording lower revenue than the corresponding PCP . The Power Step and Titan Technologies businesses had a small decline in revenue compared to the PCP . Margins remained at the higher levels that have been achieved for the past year which meant that the reduction in profitability was minor and in line with the reduced revenue . 1