Cavalier 1H profit drops 59 percent ; weak carpet market forces it to absorb high wool prices

Fri, 15 Feb 2013

Feb. 15 (BusinessDesk) – Cavalier posted a 59 percent decline in first-half profit as weak demand forced it to absorb high wool prices from the previous year while competing with imported product benefiting from a high kiwi dollar. The maker of Bremworth carpets said profit fell to $1.4 million in the six months ended Dec. 31, from $3.5 million a year earlier. Sales declined 6 percent to about $101 million. Profit and sales missed Forsyth Barr analyst John Cairns’ forecasts of $2.6 million and $109 million respectively. Cavalier says it expe...

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