Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Cavalier warns on earnings again, shares fall 5.4%

Cavalier warns on earnings again, shares fall 5.4%

By Pam Graham

June 26 (BusinessDesk) – Shares of Cavalier Corp dropped after the carpet maker warned annual earnings will be lower than an already reduced forecast.

The carpet maker said normalised profit after tax will be between $5 million and $6 million in the 12 months ending June 30, 2014, down from the guidance of a minimum of $6 million previously advised to the market. The shares dropped 5.4 percent to $1.40.

Cavalier forecast annual tax-paid earnings of between $6 million and $9 million when it released it interim report in February. That forecast was down from the $8 million to $10 million range signalled at the annual meeting of shareholders in November.

The interim result was an improvement on last year but was down on expectations.

Cavalier did not provide a reason for the latest earnings downgrade but the New Zealand dollar is trading at a record on its trade-weighted index today and the exporter has previously cited the currency’s strength as an issue.

The carpet tile business had a slow start to the year and that was anticipated to continue into the second half of the financial year and the wool scouring business had been performing poorly.

A restructuring of the business was not expected to provide additional benefits until much later in the year and into 2015.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Media: Julian Wilcox Leaves Māori TV

Māori Television has confirmed the resignation of Head of News and Production Julian Wilcox. Mr Maxwell acknowledged Mr Wilcox’s significant contribution to Māori Television since joining the organisation in 2004. More>>

ALSO:

Genetics: New Heat Tolerant Cow Developed

Hamilton, New Zealand-based Dairy Solutionz Ltd has led an expert genetics team to develop a new dairy cow breed conditioned to thrive in lower elevation tropical climates and achieve high milk production under heat stress. More>>

Fractals: Thousands More Business Cards Needed To Build Giant Sponge

New Zealand is taking part in a global event this weekend to build a Menger Sponge using 15 million business cards but local organisers say they are thousands of business cards short. More>>

Scoop Business: NZ Net Migration Rises To Annual Record In September

New Zealand’s annual net migration rose to a record in September, beating government forecasts, as the inflow was spurred by student arrivals from India and Kiwis returning home from Australia. More>>

ALSO:

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news