Methven FY profit falls 20 percent on weak Australian market, still mum on acquisition

Tue, 28 May 2013

By Paul McBeth May 29 (BusinessDesk) - Methven, the tapware maker, confirmed a 20 percent slide in annual profit that it first flagged last month, due to a weak Australian market. It is still mum on a potential acquisition. Profit dropped to $5.2 million, or 7.7 cents per share, in the 12 months ended March from $6.5 million, or 9.7 cents, a year earlier, the Auckland-based company said in a statement. In April it said profit would drop by about 21 percent. Sales sank 7.3 percent to $98.4 million, led by a 15 percent drop in revenue from Aus...

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