25 Aug 2012

Another loss by Tenon

5:46 am on 25 August 2012

Tenon has reported a wider loss of $US9 million in the year to June, compared with last year's shortfall of $US2 million.

Revenue rose 2% to $US333 million due to its products being available in more retail stores, but costs rose by more, up 6% to $US241 million.

The wood processing company says the stronger New Zealand dollar has hurt earnings.

It says the financial year just completed should be the bottom of the cycle for Tenon's earnings and there are now signs of improvement in the US housing market.

The company is also focusing on expanding in Australia and China, to reduce its dependency on the United States.