22 Feb 2009

Wool exporter's profit down on previous year

9:47 pm on 22 February 2009

The wool exporter Wool Services International, has reported a profit of just over one million dollars for the last half of last year, but that's a $76,000 fall from the same time in 2007.

WSI's managing director Michael Dwyer says the result is an excellent one given what has been particularly challenging financial circumstances for the company.

He says the business has been impacted by the sharp devaluation of the New Zealand dollar, significant reductions in local wool prices, and a major slowdown in international demand for the product.

Mr Dwyer says despite the fact that the profit was down on last year's result, the company's performance for the second half is traditionally stronger than the first, and it's cautiously optimistic that this will happen again this year.

He says, however, that prospects for a better result would be improved if more resources and focus were applied to the international promotion of New Zealand wool, across the industry.