(BusinessDesk) – Carpet maker Cavalier Corp [NZX:CAV] reported an improved first-half net profit on better margins, after restructuring the business to reduce costs and introduce a more efficient manufacturing system.
Net profit rose to $1 million, or 1.5 cents per share, in the six months ended Dec. 31, from $31,000 in the prior period. Revenue fell to $75.3 million from $84.3 million, reflecting reduced carpet sales in the first half due to market conditions as well as the materially lower wood prices which impacted the revenue of its wool buying business Elco Direct.
Earnings after adjusting for abnormal gains and transition costs were $1.15 million versus a normalised loss of $1.9 million in the same period a year ago.
Chief exec…
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