Carpet maker Cavalier Corporation is hoping to cash in on the Canterbury rebuild and Auckland's booming housing market, as its prospects across the Tasman and in Asia remain soft.
The company moved back into the black, making an after tax profit of $3 million in the 12 months to June, which is a turnaround from the $1.6 million lost the previous year.
Profits were hit by restructuring costs of more than $4 million, while revenues fell 7% to $202 million.
Australian revenues fell nearly 10% and managing director Colin Mckenzie says it is likely to remain tough until at least next year.
"We don't see much changing, certainly in the Australian market which 55% of our revenue comes from. But certainly there's encouraging signs from New Zealand.
"There's got to be growth coming out of the Christchurch rebuild. In the past I've been quite sceptical about companies that have relied solely on growth from the rebuild but it's now really well and truly underway.
He says Auckland is also a very important market and there's good strong growth there.
Cavalier will pay a final dividend of 4 cents.
