Cavalier first-half profit soars 140 percent on cost cutting; trims annual earnings guidance

Cavalier first-half profit soars 140 percent on cost cutting; trims annual earnings guidance
By Suze Metherell Feb. 28 (BusinessDesk) - Cavalier Corp., the listed carpet-maker, more than doubled first-half profit as it clamped down on costs, though it cut its forecast annual earnings as it restructures its carpet tile unit and contends with a strong currency crimping export returns. Net profit jumped to $3.4 million in the six months ended Dec. 31 from $1.4 million a year earlier, the Auckland-based company said in a statement. Sales increased 1 percent to $101.8 million as cost of sales declined 4.4 percent to $73 million. Cavali...