Cavalier cuts FY earnings guidance after slow start, won’t pay interim dividend

Thu, 15 Nov 2012

Nov. 16 (BusinessDesk) - Cavalier, the carpet manufacturer, cut its full-year earnings guidance after a slow start in the first quarter and demand in the Australian market that didn’t recover as expected. The shares dropped 3.4 percent. Normalised earnings are likely to be between $6 million and $10 million this financial year compared to previous guidance of a net profit of $10 million to $12 million, managing director Colin McKenzie told shareholders at their annual meeting. It posted a net loss of $1.6 million last year, as period it des...

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