Cavalier returns to full-year profit after year-earlier impairments; revenue falls

Fri, 26 Aug 2016

By Jonathan Underhill Aug. 26 (BusinessDesk) - Cavalier Corp, the carpet maker, returned to profit in 2016 after a year-earlier loss from assets impairments although sales in the latest period were down 12 percent. Profit was $3.1 million in the year ended June 30, from a loss of $25.7 million a year earlier, the Auckland-based company said in a statement. That's the biggest profit since 2011. "Normalised' profit of $6.3 million exceeded the guidance of $6 million it gave in June. Revenue fell to $190 million from $215.7 million. Cava...

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