15 Jul 2009

Charlie's expects $1.8m annual loss

3:57 pm on 15 July 2009

Beverage manufacturer Charlie's expects to post a bigger loss than previously forecast.

It says its net loss after tax is likely to between $1.8 million and $1.95 million for the year to June, up from the $1 million it had previously told the market.

Chairman Ted van Arkel says the recession is biting the retail market hard, especially the restaurant and cafeteria business.

He says the jobs of several sales and manufacturing staff at Charlie's have been cut as the company moves to tighten operating costs.