Jamie Gray

Jamie Gray is a business reporter for the New Zealand Herald and APNZ wire agency

Cavalier posts $1.6m loss for year

Cavalier wool scour in Napier. Photo / Paul Taylor
Cavalier wool scour in Napier. Photo / Paul Taylor

NZX-listed carpet maker Cavalier Corp reported a $1.6 million loss for the year to June, compared with a $18.2m profit in the previous year.

The company said today's results were within a previously-advised earnings guidance range.

Excluding the impact of $8.2m in pre-tax costs relating to the restructuring of the business, Cavalier's "normalised" operating profit after tax for the year was $4.3 million, down 75 per cent.

Cavalier said in April that it was expecting normalised earnings for the year to be in a range of $3m to $5m after tax, with restructuring costs having the effect of reducing normalised earnings to a loss of $1m to $3m after tax.

Cavalier shares last traded at $1.76.

- APNZ

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