Cavalier posts worst ever annual loss amid restructure

Fri, 28 Aug 2015

By Tina Morrison Aug. 28 (BusinessDesk) - Cavalier Corp reported the worst loss in its history as the carpet maker foregoes dividends and sells assets in a bid to restructure its business and return to profitability. The Auckland-based company posted a loss of $25.7 million, or 37.4 cents per share, in the 12 months ended June 30, from a profit of $5.8 million, or 8.5 cents, the year earlier, it said in a statement. The result, the company's worst since it listed in 1984, includes $24.4 million of asset writedowns and $988,000 of restruct...

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