By Martin Vedris
SYDNEY: Breville Group today issued a statement to the Australian Stock Exchange that the company expects declining profits and a loss, due to what it calls “softness in the retail market”, when the company releases its half year results on 25 February.
Breville Group announced that its “unaudited underlying profit after tax for the six months ended 31 December 2008 is expected to be between 5 per cent and 10 per cent lower than that recorded for the 6 months ended 31 December 2007”.
The company also stated that it expects to post a pre-tax loss of approximately $1.6 million, compared to a $1.4 million pre tax gain for the same period last year.
Also, due to the current falling interest rates, Breville Group is expecting a $2.7 million pre-tax loss on an interest rate swap, compared to a $0.4 million pre-tax gain last year.