TEAC owners attribute 58% profit slump to Retravision administration

By Patrick Avenell

Audio visual brand TEAC’s owners TTA Holdings Limited has today reported a 15.2 per cent decline revenue and a 58 per cent drop in net profit for the 6 months to 30 September 2012. Director James Phoon attributed this “challenging” result to the poor retail environment and the reorganisation of the Retravision retail group.

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“The growth in electrical and electronics retail trade was patchy during the period under review,” Phoon said. “Based on industry research, the sales of televisions fell in Australia since January 2012, both in units and value.

“Our gross sales to our major customers declined over the period in line with the poorer retail environment. The administration of Retravision Southern in May 2012, and the subsequent regrouping of viable Retravision stores under the umbrella of Retravision Western Australia, also contributed to lower sales to Retravision during the period under review.”

Phoon listed Retravision, Harvey Norman, JB Hi-Fi and The Good Guys as TTA’s biggest trade customers. The TEAC brand specialises in flat panel TVs, audio equipment and accessories.

The TTA board expects the next six months of trading to be similarly as challenging.

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