Wellington, New Zealand, September 18, 2006--Debt laden New Zealand carpet maker Feltex Carpets Ltd reported a full year loss on lower sales and margins, and restructuring costs, as it awaited the outcome to talks over a rescue package.
The company said its net loss for the year to June 30 was NZ$57.6 million ($38.2 million) compared with a profit of NZ$12.1 million the year before.
It said sales for the year were down 11 percent to NZ$263.1 million, while its margin fell to 23.4 percent from 28.3 percent.
Auckland businessmen, Graeme and Craig Turner, owners of the Sleepyhead bedmaking company, have proposed a NZ$51 million capital injection, and a share and debt issue to rescue the company.
The ANZ Bank, which is owed around NZ$135 million and has suspended Feltex's credit lines, has been in talks with the Turners and a consortium backing them regarding Feltext's future.
Shares in Feltex last traded at 10 NZ cents each, having traded between 7.0 NZ cents and 64 NZ cents over the past 12 months.
