Kresta Holdings posts loss

Shutter and blind maker Kresta Holdings has reported an after tax loss of $1.98m for the six months ended 30 June 2015.

The result followed an tax loss of $1.94m for the corresponding period last year.

The company said in a statement earnings were affected by several factors, including interruption to manufacturing efficiency from setting up its east coast operation in Brisbane; the transition of its procurement to expand range and offering; and the termination of an agreement to buy Franklyn Blinds Awnings Security.

The statement said the company continued refurbishment plans for the Kresta showrooms during the period.

Operating cash flow for the period was a cash outflow of $3,281k reflecting the operating performance of the business and an investment in additional stock as part of our recent procurement initiatives.

Investing activities were a further outflow of $1,461k reflecting the stores refurbishment program and purchase of machinery for our new Queensland manufacturing operations.

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