Wool Equities doubles annual loss as scouring cut backs hit returns

Wed, 12 Sep 2012

Sept. 12 (BusinessDesk) - Wool Equities, which develops and markets wool for its grower shareholders, doubled its annual loss amid cut backs in the scouring sector. The Christchurch-based company posted a loss of $1.7 million, or 0.05 cents per share, in the year ended June 30, from a loss of $889,000, or 0.06 cents, a year earlier, it said in a statement. Revenue surged to $326,000 from $50,000 a year earlier, though chairman Clifford Heath said the board's failure to win over shareholders to buy scourer New Zealand Wool Services Internat...

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