O'Connor-based insulation and air-conditioning company Cool or Cosy Ltd has announced a 77.6 per cent drop in half year net profits to $68,000, with the company partially attributing the fall to unseasonably cool weather patterns.
O'Connor-based insulation and air-conditioning company Cool or Cosy Ltd has announced a 77.6 per cent drop in half year net profits to $68,000, with the company partially attributing the fall to unseasonably cool weather patterns.
In an announcement to the ASX, Cool or Cosy managing director Ronald Sanders said the fall was disappointing, with the period impacted by a number of one-off matters and restructuring expenses.
While Cool or Cosy's revenue rose 9 per cent, the departure of directors Gavin Hawkins and Anthony Iezzi also contributed to the lower company profit.
Mr Sandsers said the procedures and practices of the more profitable Queensland operation were being introduced to the South Australian and Western Australian branches of the company, with the boardin expecting an improved profit result and cash position in the second half of the financial year.
The company sold its Tasmanian operations back to their former state manager, as well as returning its Blue Ridge transportable housing subsidiary to founder Alan Mackenzie in November last year.
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