Cavalier's normalised first-half net profit reaches upper end of guidance

Thu, 21 Feb 2019

By Jenny Ruth Feb. 22 (BusinessDesk) - Carpet maker Cavalier reported a $10 million first-half net loss but its normalised profit rose 68 percent to near the top of its earlier guidance. That was despite sales falling 7 percent to $70 million for the six months ended December amid softer market conditions, particularly for lower-margin synthetic carpets. The loss for the six months compares with a $1 million net profit in the same six months a year earlier but normalised net profit, excluding the $12 million write-down of Cavalier’s no...

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