Yesterday shares in Hills Holdings Limited
(ASX:HIL) closed more than 9 per cent stronger after announcing an on-market buyback and posting a full year loss of $75 million.
The result was in line with previous guidance and compares to a profit of $40.2 million achieved the year before.
The company that manufactures the iconic Hills hoist clothesline attributed the fall in earnings to a strong Australian dollar and increasing competition.
In the 2011 financial year Hills made $100.2 million in writedowns on its Orrcon Steel business and its water tank manufacturing businesses, Team Poly.
Hills has declared a fully franked final dividend of 4.5 cents per share.
Yesterday shares in Hills Holdings jumped 9.09 per cent, finishing at $1.08.
