Wool Services International which had declared a profit of NZ $2.39 million in the previous fiscal year ending June 2008 has posted a loss of $4.38 million after tax for the year to June 30.
This loss was partly due to the tax authorities refusing a 2007 deduction which came to $1.6 million and also due to $3.2 million spent on rationalizing wool scours.
According to the Managing Director, Michael Dwyer, inspite of the difficult period in the last six months of the fiscal ending June 2009, the company was able to post an operating profit of $514,000.
Its scouring plants, at Whakatu in the Hawke's Bay and Kaputone in Canterbury performed well, and it expanded storage at both scours, which helped improve flows and also increased ability to process wool promptly.
Fibre2fashion News Desk - India
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