Methven annual profit drops 8.6% on strong currency, inventory woes

Thu, 22 May 2014

By Suze Metherell May. 22 (BusinessDesk) - Methven reported an 8.6 percent fall in full-year profit as the tap maker and distributor struggles with retailers holding smaller inventories, and as the strength of the New Zealand dollar erodes exported earnings. Net profit fell to $4.7 million in the year ended March 31 from $5.2 million a year earlier, the Auckland-based company said in a statement. Revenue fell 1.7 percent to $96.7 million. Sales to Australian customers grew 5.8 percent to A$35 million, though that didn't translate to hi...

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