Cavalier turns to FY loss on cost to restructure unprofitable business

Sun, 19 Aug 2012

By Hannah Lynch Aug. 20 (BusinessDesk) - Cavalier Corp, New Zealand's only listed carpet marker, turned to a full-year loss on costs to restructure its business in response to deteriorating trading conditions in New Zealand and Australia. The loss was $1.6 million in the 12 months ended June 30, from a profit of $18.2 million a year earlier, the Auckland-based company said in a statement. Sales fell 5 percent to $217 million. That's within the earnings guidance the company gave in April, when it said underlying earnings would turn a loss o...

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