Cavalier lifts FY earnings as cost cuts make up for sales drop; shares fall

Fri, 16 Aug 2013

Aug. 16 (BusinessDesk) - Cavalier Corp., the listed carpet maker, increased annual profit before one-time items as it cut costs and benefited from improved market conditions in New Zealand, making up for weaker sales. After-tax profit excluding one-time items was $6.6 million in the year ended June 30, up from the previous year’s $4.3 million, the Auckland-based company said in a statement. That’s in line with the company’s guidance in June that normalised profit would be at the lower end of a $6 million to $10 million range. Cavalier said in...

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