New Zealand's Cavalier Corp falls on lower FY19 HY outlook

Bremworth

04/12/2018 22:26

** Carpet maker Cavalier Corp  CAV.NZ  falls as much as 3.2
pct to NZ$0.610
    ** Company says its FY19 HY revenue is expected to be down 7
pct vs prior year as softer market conditions impact on sales,
particularly of lower margin synthetic carpets  urn:newsml:reuters.com:*:nL8N1Y96BN
    ** Cavalier expects to report net loss after tax of between
NZ$9.8 mln ($6.79 mln) and NZ$10.2 mln which includes non-cash
writedown of around NZ$11.8 mln on the 27.5 pct sale of Cavalier
Wool Holdings
    ** Stock posts biggest intraday loss since Nov. 27
    ** Stock is the second worst performer on S&P/NZX All
Consumer Discretionary (Sector) Gross with Imputation  .NZDK 
    ** Stock up 53.7 pct this year as of last close
 ($1 = 1.4430 New Zealand dollars)

 ((aditya.srivastsav.thomsonreuters.com@reuters.net))