Wool Services FY profit falls 66 percent on drop in wool prices

Tue, 04 Sep 2012

By Hannah Lynch Sept 5 (BusinessDesk) - New Zealand Wool Services International, the wool scouring and exporting business whose majority shareholding is up for grabs, posted a 66 percent drop in full-year profit as wool prices tumbled. Profit was $2.2 million in the 12 months ended June 30, from a record $6.6 million a year earlier, when wool prices surged in the face of global demand and a supply shortage. Sales rose 0.9 percent to $202 million. The company warned last month that profit would miss its guidance because of a “sharp” decline...

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