Formica, that is part of New Zealand Fletcher Building Laminates & Panels division, raised revenues in local currencies in every region in the first half of its 2014/2015 (30 June) financial year. The group increased its total revenues adjusted for currency effects by 3 % compared with the same time frame one year earlier. Asian revenues in local currencies were 4 % higher. North America and Europe did not fare as well with a 2 % growth. The company did not disclose absolute revenues, continuing a practice seen in the first-half and full-year report for 2013/2014. However, Formica’s income tumbled, with EBIT diving 23 % to NZD20m. Formica posted a 9 % rise in EBIT to NZD63m in 2013/2014 amid a 3 % increase in revenues compared to the previous year.
Challenging Chinese market trimmed Formica’s earnings
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