New Zealand's Cavalier Reports Profit Increase

Auckland, New Zealand, February 18, 2008--Carpet maker Cavalier Corporation said profits rose 7 percent for the second half of the year ended in December.

The company reported an after-tax profit of $7.65 million, up $470,000 from same period last year.

Both the carpet and wool businesses performed better than last year. Operating revenue was $112 million, up 13 percent.

Cavalier's carpet business had an operating revenue of $90 million, up 11 percent, on the strength of its commercial carpet tile.

Cavalier recently bought a 70 percent interest in Norman Ellison Carpets to increase its market share in both New Zealand and Australia.

The company said conditions look mildly positive, with growth in Australia helping to offset some of the softer conditions expected in the residential market in New Zealand."