Damba to diversify

For the year-end December Damba made a profit of $224,000, nearly four times as much as the previous year's $59,000 result and including a net profit in Australia for the first time in five years. Sales grew 5% to $19.1 million.

Damba owns office furniture manufacturers in Australia and New Zealand, and says the improvement came about despite another patchy year for the New Zealand economy.

The company plans to change its name to Cube Capital Limited, to better reflect its focus as a diversified investment company.

MD, Simon Wallace, says Damba is producing consistent levels of cashflow, which significantly exceed current subsidiaries' requirements.

"The Damba Holdings board has decided that now is an appropriate time to progressively invest in a range of more diverse activities".

"We will not be paying a dividend this year, as we believe we can achieve greater growth through astute investment."

Mr Wallace says the market will be informed about future investments as the opportunities occur.

The name change for the holding company is due to be ratified at the company's AGM at the end of next month.

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