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Wool scourer and trader Wool Services International said the high and volatile New Zealand dollar halved its annual net profit to $1.4 million in one of its worst years.
However, the company expected a better result this year with a lower New Zealand dollar and higher wool prices, chairman Pat Morrison said.
Total operating income for the year ended June rose 9 per cent to $143.7m.
The result included a $1.2m reversal in the carrying value of impaired property, plant and equipment at its Kaputone Wool Scour.
The company sank to a first-half loss of $1.2m, largely due to unrealised currency losses, down from a $570,000 profit a year earlier.
No dividend was declared.
- NZPA
