New Zealand's Cavalier plunges to over 2-month low on weak HY revenue forecast

Bremworth

27/11/2019 24:19

** Shares of Cavalier Corp  CAV.NZ  fall as much as 10.3% to
NZ$0.26, their lowest since Sept. 13
    ** Carpet maker expects H1 2020 revenue to drop to a range
of NZ$61 mln-NZ$64 mln ($39.1 mln-$41 mln) from NZ$70 mln a year
earlier  urn:newsml:reuters.com:*:nFWN2860ON
    ** CAV says continuing "challenging trading conditions",
particularly in low-margin synthetic carpets, push total sales
volumes down by about 10%   
    ** Co expects H1 2020 net loss after tax of NZ$1.1 mln to
NZ$1.6 mln vs net loss after tax of NZ$10 mln in H1 2019    
    ** Over 76,000 shares change hands, compared with the 30-day
average of 23,000 shares
    ** Stock had nearly halved in value this year, as of last
close

($1 = 1.5608 New Zealand dollars)

 (Reporting by Arpit Nayak)
 ((Arpit.Nayak@thomsonreuters.com;))