Cavalier reports sharply lower 1H net profit, reiterates FY breakeven forecast

Thu, 16 Feb 2017

By Rebecca Howard Feb. 17 (BusinessDesk) - Cavalier Corp posted a sharply lower first-half profit and the carpet maker and wool scourer continues to forecast no earnings growth for the full year, although it expects improvement further down the track. The Auckland-based company said its net profit for the six months to Dec. 31 was $31,000 versus $3.5 million in the same period a year earlier. It noted that the cost of work to reduce debt, rationalise inventory and restructure had impacted the first half, as had the increased wool price...

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