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

 

Cavalier Corporation revises earnings position

Cavalier Corporation revises earnings position

Cavalier Corporation is pleased to announce a second positive earnings revision to an estimated $6 million normalised profit after tax for 2015/16.

This is up $5 million on the previous year’s normalised profit after tax and represents an increase on the advice given in February which expected normalised profit after tax to be at the upper end of the $3-$5million guidance given at the AGM in November 2015.

Cavalier Corporation CEO Paul Alston says the board is very pleased to be able to issue such positive guidance to shareholders and the broader market.

“We are working very hard to transform Cavalier Corporation back into a thriving New Zealand business.”

“Our improved performance comes from our core broadloom carpet business and the sale of our loss-making carpet tile operation.”

GAAP-compliant profit will be around $2.4 million after tax. Abnormal items include restructuring costs in respect of the consolidation of manufacturing operations announced in April and the gain on sale of property announced in November 2015.

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Air New Zealand: Flying Year-round To Popular Queensland Destinations

Air New Zealand is moving to year-round direct flights on its Auckland-Cairns, Auckland-Sunshine Coast and Christchurch-Gold Coast routes under an agreement with the Queensland Government... More>>




SEA: Another First For Solar Energy In New Zealand

The Sustainable Energy Association NZ (SEANZ) congratulates Sunergise on the commissioning of the Sunergise Kapuni Solar Power Plant, the largest in the country... More>>

Accenture: More Boomers Than Zoomers Want To Work From Home

While often associated with tech savvy Gen Z or Zoomers, new global research from Accenture shows that the push for more flexible working environments is being led by Gen Xers and Baby Boomers... More>>

Banking: Westpac New Zealand To Remain Part Of Westpac Group

Westpac New Zealand Limited (WNZL) remains part of Westpac Group following a decision for the two businesses not to demerge. Westpac Group Chief Executive Officer, Peter King, said: “After a detailed review, we believe a demerger of the WNZL business would not be in the best interests of shareholders... More>>

Mercury: Enters Into Binding Agreements To Acquire Trustpower’s Retail Business

Mercury NZ Limited (Mercury) has announced that it has entered into binding agreements with Trustpower Limited (Trustpower, NZX:TPW) to acquire Trustpower’s retail business for NZ$441 million... More>>

ALSO:


ASB: New Zealanders Missing Out On Hundreds Of Millions In KiwiSaver Government Contributions

New Zealanders have just over a week to ensure they’re eligible for the maximum annual government KiwiSaver contribution... More>>