Cavalier expects earnings to improve following restructuring

Tue, 31 Oct 2017

By Tina Morrison Oct. 31 (BusinessDesk) - Cavalier Corp, the struggling New Zealand carpet maker, expects earnings to improve this financial year and next as it reaps the benefits from restructuring its manufacturing operations, a lower wool price and reducing debt. The Auckland-based company posted a loss of $2.1 million in the 2017 financial year from a profit of $3.1 million in 2016, weighed down by a 40 percent jump in restructuring costs to $6.3 million as it shut down factories and laid off staff to consolidate operations. Stripping...

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