KEY POINTS:
Tenon, the company left over after a selldown of Fletcher Forest assets, yesterday talked of what it is like to do business in a "near perfect storm".
The company sells mouldings and lumber into the United States housing market, and as an exporter suffers when the New Zealand dollar is high.
Tenon reported net profit after tax of US$3 million ($4.27 million) in the year to June 30, down from US$5 million last year.
Earnings before interest, tax and depreciation of US$16 million were down from US$20 million last year.
There was no dividend. Revenue was US$377 million, down from US$394 million last year.
The company dubbed the New Zealand dollar a "significant villain", costing it US$6 million in lost earnings.
- NZPA
