24 Aug 2011

$US2 million loss reported by Tenon

1:35 pm on 24 August 2011

Wood processor Tenon has reported a loss of $US2 million in the year to June, a turnaround from last year's $US2 million profit.

Revenue slipped slightly to $US326 million as US consumers paused from investing in their homes due to uncertainty about the pace of the recovery.

The higher New Zealand dollar also crimped gross earnings, which fell from $10 million to $8 million.

Looking ahead, Tenon will continue to cut costs to compensate for weak demand in the US housing market and expand manufactured sales at its Taupo site in Asia and Australia.