Methven lifts 1H profit 27% as Australasia offsets decline in China

Wed, 24 Feb 2016

By Sophie Boot Feb. 25 (BusinessDesk) - Methven, the NZX-listed tap and shower manufacturer and exporter, lifted first-half profit 27 percent as its core business in Australia and New Zealand more than made up for weakness in China. Net profit rose to $4.7 million in the six months ended Dec. 31, from $3.7 million a year earlier, the Auckland-based company said in a statement. Revenue rose 8 percent to $52.9 million. The company reiterated annual guidance for profit growth of between 15 percent to 25 percent, and said it expects to be...

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