Methven posts 32% drop in 1H profit, maintains full-year guidance

Tue, 28 Feb 2017

By Sophie Boot March 1 (BusinessDesk) - Methven, the shower and tapware designer, posted a 32 percent drop in first-half profit after a major supplier in its biggest market Australia shut down, but says it's on track for a stronger second half. Net profit fell to $3.2 million in the six months ended Dec. 31, from $4.7 million a year earlier, as sales fell 5.7 percent to $49.9 million, the Auckland-based company said in a statement. The profit weakness reflected the impact of significant one-offs in the first quarter, the company said,...

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