Bendon posts first half loss of $1.2m

Lingerie manufacturer Bendon Group today posted a half year net loss of $1.19 million in line with expectations, largely due to costs from expanding into the United Kingdom.

Bendon directors also said in statement that the company's sole operating subsidiary, Bendon Ltd, would be sold to a consortium headed by managing director Hugo Venter for $38.5 million by the end of December.

Shareholders would receive the cash from the sale, boosted to $56 million by the sale of New Zealand China Clays Ltd.

Mr Venter said his offer for the assets and operations of Bendon Ltd, excluding cash assets, would not result in redundancies.

Bendon's loss for the six months ended September compared to an after tax profit of $21.9 million for the same period last year.

- NZPA