Cavalier projects $2M loss for FY17 in latest earnings downgrade

Wed, 31 May 2017

By Pattrick Smellie June 1 (BusinessDesk) - Cavalier Corp's outlook has deterioriated further since its last earnings downgrade in February and the carpet maker is warning it now expects to post a loss of around $2 million on a normalised earnings after tax basis in the year to June 30. "Weaker demand in the New Zealand retail sector and exceptional competitor activity on both sides of the Tasman" were behind the second outlook downgrade this year. The company had forecast earnings of between $3 million and $5 million last November, but p...

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