Annual results for the year ended 30 June 2005 After a strong first half to the financial year, Feltex experienced a difficult and disappointing second half. The net surplus for the six months ended June 2005 was $807,000, compared with a net surplus of $12.2 million in the first six months of the financial year and $13.8 million in the prior corresponding period.
The Group recorded a net surplus of $13 million for the year ended June 2005, compared to $25.2 million in the previous year. EBITDA for the second six months was $8.6 million, down 65% on the first six months of the financial year reflecting a much softer market than anticipated by the Group as well as other significant issues described below.
EBITDA for the year ended June 2005 was $33.2 million compared to $46.2 million in the prior year.
Compared to the prior corresponding period, sales were $15.7 million lower, with the shortfall analysed as follows:
- New Zealand sales increased by $1.6 million; - Yarn sales in the USA increased by $0.5 million; - Australian sales decreased by $11.3 million; - Further, the translation impact of the stronger New Zealand dollar on the Group's Australian sales reduced reported revenue by $5.3 million (3.4% adverse impact on reported operating revenue); - The closure of the Company's rubber underlay operations in the previous financial year accounted for a reduction in sales of$1.2 million.
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-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
