Cavalier boosts first-half profit, signals upside to full-year earnings

Fri, 19 Feb 2016

By Tina Morrison Feb. 19 (BusinessDesk) - Cavalier Corp boosted first-half profit and signalled its full-year earnings will probably be at the top end of expectations as it restructures its wool business and reduces debt. Profit increased to $3.5 million in the six months ended Dec. 31, from $32,000 in the year earlier period, the Auckland-based company said in a statement. Excluding $936,000 in restructuring costs and a $2 million gain from the sale of a Sydney premises, normalised first-half profit was $2.4 million, compared with $3...

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