Methven issues profit warning

Photo / Supplied
Photo / Supplied

Falling construction activity, notably in Australia, and international financial instability have prompted tapware company Methven to revise downwards its earnings outlook for the 2011-12 year to March 31.

The company now expects a full year profit of $6-$8 million, compared with a net profit forecast of $9 million made in July.

This compares to the prior year's reported profit of $4.7 million, or $6.7 million before one-off items.

For the half year to September 30, Methven said its net profit was expected to be down by around 25 per cent to $3.2 million.

Shares in Methven closed down 13c at $1.22.

© Copyright 2015, APN New Zealand Limited

Assembled by: (static) on production apcf04 at 05 Mar 2015 14:19:06 Processing Time: 525ms