By Phil Boeyen, ShareChat Business News Editor
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Wednesday 12th September 2001 |
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The company has written down the value of CI Group by $2.76 million to $2 million, reflecting the value at which it hopes to sell the business.
The company's interim loss compares to profit for the same period last year of $368,000.
Cube says consolidated sales fell 17% or $1.65 million for the first half of the financial year, mostly from the CI Group where sales dropped from $4.6 million last year to $3.08 million.
At furniture maker Damba, which Cube plans to develop, sales fell from $5.88 million previously to $5.684 million.
Cube's net profit before net profit after tax but before the CI Group writedown and goodwill adjustments was $359,999.
MD Simon Wallace says Damba Furniture faced a quiet New Zealand market in the first half and a recessionary Australian market.
"I am pleased we have come through the tough Australian economic climate unscathed. We can move forward in both countries confidently assuming the CI Group sale is ratified."
Cube Capital exited it investment in Beauty Direct (NZSE: BDO) during the period and Mr Wallace says the group has several opportunities in front of it.
"Our board is wanting to achieve strong upside from all future investments and this process takes time to ensure quality investment decisions are made."
Cube says assuming the successful sale of CI Group it intends to pay a fully imputed 2 cents per share dividend.
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