Cavalier Elco ‘excellent’ start

Press, 15 November 1984, Page 30

Cavalier Elco ‘excellent’ start

PA I Auckland Cavalier Elco, Ltd, which reports a first-quarter taxpaid profit of $1,451,000, says the projected profit of $4.5 million for the first full year “will undoubtedly be exceeded”. The company, product of the merger of E. Lichtenstein and Cavalier, earned its quarter profits on sales of $30,013,000. The result was after tax of $814,000. No comparative figures are available.

The results are seen by the chairman, Mr P. W. Grayburn, as an excellent start to the company’s June financial year. They are the

result of “buoyant market, with unprecedented consumer demand for carpets in local and overseas markets”.

“Benefits from the merger are already evident and contributed to the results,” Mr Grayburn says. Orders from home and abroad are described as being at a high level, giving the directors “confidence that the excellent results achieved in the first quarter should continue, for the remainder of the financial year”. Mr Grayburn says the company is to go ahead immediately with a $6 million expansion at the Wiri tufting plant to increase wool yarn spinning capacity 30 per cent.