Wellington, New Zealand, August 8--Carpetmaker Cavalier says full-year earnings will meet forecasts but warns of a major writedown of its Microbial Technologies business, according to the New Zealand Herald.
It said yesterday that net profit for the year to June 30 would be in line with earlier estimates of about $19.5 million, but would be reduced by a $5.8 million writedown.
The firm's Microbial offshoot was not robust enough to ensure commercial success and all development costs would be written off.
Cavalier said it was likely to pay a final dividend of 14.5c, taking the total for the year to 27c.
