Wool firm cuts loss by $4.5m

The wool research company Wool Equities has slashed its losses in the latest financial year, reflecting a $4 million profit from the sale of its interest in the Ovita biotechnology consortium.

Farmer-controlled Wool Equities - which is listed on the NZAX - posted a $2.7 million loss in the year to June, compared with one of $7.2 million the year before.

The losses are said to be mostly because its new technologies are in the product and market development phase.

Wool Equities' share in the loss of textiles research firm Canesis was $800,000. Both AgResearch and Lincoln University are interested in buying Canesis. Wool Equities shares closed at 64c.