Methven says FY profit fell about 21 percent on weak Australian trading

Tue, 09 Apr 2013

April 9 (BusinessDesk) - Methven, the tapware maker, says full-year profit fell about 21 percent on weaker trading in the Australian market. The shares fell to an 11-month low. Net profit in the 12 months ended March 31 was about a fifth lower than the previous year’s $6.5 million and profit before one-time items was about 12 percent lower, the Auckland-based company said in a statement. It first flagged weaker earnings, without being specific, in February. “The continued decline in Australian market demand has resulted in our Australian bus...

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