Cavalier's annual profit falls 13 percent, signals "modest increase" in 2015 earnings

Fri, 22 Aug 2014

By Suze Metherell Aug. 22 (BusinessDesk) - Cavalier Corp, the listed carpet maker, posted a 13 percent drop in earnings last year, as a high currency crimped export sales and margins were squeezed by rising wool prices and increased rivalry. Profit fell to $5.8 million in the 12 months to June 30, from $6.6 million the year earlier which excluded $3.6 million of restructuring costs, the Auckland-based company said in a statement. In June the company flagged a profit range of between $5 million and $6 million, down from its previous guidan...

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