The Directors of Cavalier Corporation Limited announce a profit after tax of $3.5 million for the six months ended 31 December 2015, compared with $32,000 in the same period last year. Revenue dropped $5.3 million/5% as a result of the sale of the tile business, offset by increases in revenue in broadloom, wool and yarn.
On a normalised basis (which excludes the one-off gain from the sale of the Sydney premises and restructuring costs), profit after tax is $2.4 million compared with $0.3m in the same period last year.
Both the carpet and wool businesses were ahead of last year, with the improved performance by carpet due largely to the sale of the loss-making tile division in August 2015.
The Directors note that underlying conditions - particularly, the continuing high wool price and NZD:AUD exchange rate - remain challenging.
Please find below the link to download the half year report ended 31 December 2015.