High kiwi dollar stole $5M gains from Tenon efficiency drive

Wed, 20 Feb 2013

Feb. 21 (BusinessDesk) - Finished wood products manufacturer Tenon says it's on the cusp of profitability as the prolonged slump in the US housing market comes to an end, but its cost-cutting and efficiency investments in New Zealand have been completely eroded by the high kiwi dollar. Tenon reported a reduced US$2 million loss in the six months to Dec. 31, down from US$6 million the year before. The company turned to positive earnings on an earnings before interest, tax, depreciation and amortisation basis, reporting a US$1 million surplus f...

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