Cavalier first-half earnings plunge 99%, sees pick-up in second half

Fri, 20 Feb 2015

By Paul McBeth Feb. 20 (BusinessDesk) - Cavalier Corp, the carpet-maker that cut annual earnings guidance three times last year, reported a 99 percent slump in first-half profit as a strong currency, increased wool prices and low wool grease prices eroded restructuring gains, but anticipates things will improve in the second half of the year. Net profit dropped to $32,000 in the six months ended Dec. 31, from $3.4 million a year earlier, even as revenue gained 2 percent to $103.7 million, the Auckland-based company said in a statement. Th...

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