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Eastern Hifi Reports Loss

Fuseworks Media
Fuseworks Media

Wellington, Sept 12 NZPA - Eastern HiFi Group Ltd today reported a bottom-line loss of $569,091 in the six months to June 30, larger than the $174,011 loss reported in the same period last year.

The gross profit, profit from sales, of $2.21 million was reduced from $3.16m in the same period last year and was achieved on revenue of $5.4m, which was down 26 percent.

No dividend was declared.

Chairman Rick Bettle said there was a one-time cost of $97,163 as the company moved to reduce the number of loss making stores it owns. The company imports and sells audio visual equipment.

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