Home > Kresta makes $1.4m loss

Kresta makes $1.4m loss

article image

Curtain and blinder maker Kresta Holdings made a $1.4 million net loss in 2013/14, a drop from the previous year’s profit of $1.5 million.

AAP reports that the company’s revenue of $95.6 million represented a drop of five per cent from the previous year’s figure of $100.7 million.

According to chairman Rick Taylor, the result was affected by the restructuring that Kresta is undergoing.

"The company will continue its recent initiatives to invest in the business in the 2015 year and we look forward to a positive impact on the business for the years to come," he said.

In March Lu Xianfeng, major shareholder of Chinese company Suntarget, was named managing director of Kresta. Then in July Suntarget acquired Kresta.

The company has changed focus to concentrate improving its procurement and manufacturing processes.

Before Lu Xianfeng was appointed, the company closed 14 retail outlets across Australia and New Zealand.

Newsletter sign-up

The latest products and news delivered to your inbox