By Phil Boeyen, ShareChat Business News Editor
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Thursday 13th September 2001 |
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The result compares to last year's loss of $121,000. Abnormal items ballooned to $12.05 million in asset write-downs, goodwill write-offs and restructuring expenses.
DTL's operating surplus was also down on last year, falling 14% to $1.92 million. No dividend has been declared.
The company says the result reflects its desire to present financial statements that adopt a realistic approach to current and fixed asset valuation combined with a conservative accruals policy.
"In addition, the company incurred substantial redundancy costs to achieve planned restructuring that will enhance profitability for future years," the company says.
Despite the red ink Designer Textiles wants shareholders to view its loss in the context that it has made some hard decisions and is now positioned with a more solid platform for future growth.
Operating cash flow for the year was $3.56 million compared with $5.45 million last year.
At the end of June the company's shareholders' equity stood at $13.67 million or 38 cents per share, representing 39% of total assets of $35.13 million.
The board reports that the company's new CEO, Philip Moller, is making good progress in reshaping the business, changing it from a textile production company selling fabrics into a sales and marketing organisation that delivers textiles, ready-made curtains, garments and other solutions to its customers.
Mr Moller was appointed in March.
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