Godfrey Hirst pulls $50M dividend from profitable NZ business

Wed, 04 Dec 2013

By Jonathan Underhill Dec. 4 (BusinessDesk) – Godfrey Hirst, which acquired failed carpet maker Feltex in 2006, has pulled a $50 million dividend from its New Zealand business while reporting annual sales growth and one-time gains from asset sales and purchases. Profit was $10.8 million in the year ended June 30 for Hirst’s Avon Pacific Holdings unit, from $10.3 million a year earlier, according to the Auckland-based company’s financial statements. Sales rose to $154.7 million from $142.9 million. The Australian woollen and synthetic carpe...

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