Feltex intending to present earnings report today

Troubled carpet maker Feltex is intending to present its year-end earnings report to the New Zealand stock exchange today, after being granted a waiver from doing so last Wednesday, a company spokesman says.

Seeking the waiver last Wednesday, Feltex had said the accounting basis on which its financial year-end accounts should be prepared and audited could not be determined until the likely future of the company was resolved.

At that stage a decision on Feltex's future had been expected by last Thursday morning.

Feltex had said the waiver, granted until today at the latest, would enable its board to make its preliminary earnings announcement when its board had greater certainty about the company's direction.

Today a spokesman said Feltex intended to present the report today but there was no update on talks about the future of the company.

On Friday, Feltex made a two-sentence statement saying discussions continued to be held with ANZ in regard to a transaction.

An outcome may not be possible until sometime this week.

The ANZ and a consortium led by Greg and Craig Turner have been in talks for the past 10 days on a $51 million rescue bid for Feltex.

Feltex, which owes at least $135 million, says it is trading profitably.

- NZPA