Methven first-half profit falls 27 percent, missing target, on unprofitable UK unit

Wed, 28 Nov 2012

Nov. 29 (BusinessDesk) - Methven, the tapware maker whose board agreed to link directors' fee increases to earnings growth, reported a worse-than-expected 27 percent drop in first-half profit on its unprofitable British operation. Net profit fell to $2.3 million, or 3.5 cents per share, in the six months ended Sept. 30, from $3.2 million, or 4.8 cents, a year earlier, the Auckland-based company said in a statement. The company had forecast a 25 percent decline in September. Sales fell 7.2 percent to $50.3 million. "The global market condit...

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