Home > Kresta expects $1.5m loss

Kresta expects $1.5m loss

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Curtain and blinder maker Kresta Holdings has flagged an after-tax loss for 2014, including a $1.4m pre-tax charge related to recent changes in key suppliers.

The Business Spectator reports that Kresta is expecting the loss to be between $1.4m and $1.6m, for the 12 months to June 31. The group reported an after-tax profit of $1.5m in 2013.

As reported by News.com.au, the news follows Kresta's recent recommendation that shareholders accept a takeover bid from Suntarget Trading, a subsidiary of Chinese textiles company APlus.

Shareholders were offered an unconditional 23 cents a share from Suntarget; and a subsequent independent expert report from KPMG found this fair.

Suntarget is owned by Xianfeng Lu, who is also the managing director of Kresta.

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