22/08/2008 - 14:48

Kresta lifts profit to over $4m

22/08/2008 - 14:48

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Malaga-based windows covering company Kresta Holdings Ltd plans to roll-out a further 12 stores during this financial year after today reporting a five per cent increase in full-year net profit.

Malaga-based windows covering company Kresta Holdings Ltd plans to roll-out a further 12 stores during this financial year after today reporting a five per cent increase in full-year net profit.

The company recorded a lift in net profit after tax to $4.3 million, representing an earnings per share increase from three cents to 3.2c. Kresta said the rise comes despite a marked slowdown in the second half of the year.

The higher earnings was on the back of a small decline of 0.3 per cent in revenue of $116.6 million and a three per cent increase in earnings before interest and tax of $7.2 million.

Kresta said the slight increase in EBIT included one-off costs of $500,000 in redundancies, consulting fees and a new product development.

Managing director Tass Zorbas said he was pleased with the company's results but cautioned that in the absence of rate relief, lower fuel prices and living costs, consumer confidence is likely to remain at a low level.

"Until the economy shows some positive signs of improving, trading conditions will continue to be difficult," Mr Zorbas said.

The directors declared a fully franked final dividend of 1c per share, taking the total payout for fiscal 2008 to 2.5c, up from the previous year's 2c.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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