Pod lowers forecast

Pod yesterday downgraded its profit forecast, despite confirming a one-off gain from the sale of its Brisbane-based Logan Textiles property for A$5.3 million ($5.7 million).

After allowing for some closure costs, the sale will result in a one-off after-tax profit of about $1 million in this financial period.

Despite the gain from the sale, the company said profit would be lower than for the same period last year.

Chief financial officer George Gin forecast a full-year profit of $1.5 million, before amortisation and excluding the $1 million one-off gain.

This compares with a net profit of $4 million for the previous full year, which included a $700,000 gain from the closure of Logan Textiles last year.