15 Feb 2012

Cavalier share price slumps after profit warning

6:45 pm on 15 February 2012

Shares in Cavalier Corporation slumped by 40 cents to $1.90 on Wednesday after the carpet maker more than halved its six month profit and warned its full year profit would fall short of forecasts.

The warning came ahead of the preliminary announcement of its half year results on Monday.

It says profit to the six months is likely to be around $3.5 million or 59% lower than the previous year's $8.5 million.

It says it is extremely unlikely the company will finish the full year within the $8.5 to $10.5 million forecast in November.