Wellington, New Zealand, February 17, 2006--Textiles and carpet maker Cavalier Corp. Ltd. Friday posted a sharply lower fiscal first half net profit due to "softer and challenging conditions" faced by the company's carpet and wool businesses.
Cavalier Corp. said in a statement that its net profit for the six months ended Dec. 31 was NZ$6.8 million, down from NZ$11 million in the same period a year earlier.
The company also reaffirmed its previous guidance for its fiscal year net profit, which is expected to be around 20% to 30% lower on the prior year's NZ$19.5 million.
