Shares in Kresta Holdings Limited (ASX:KRS) lost ground yesterday after the blinds and curtains manufacturer flagged a fall in full year earnings and said its CEO Andrew Tracey has resigned.
The company expects to book an earnings loss of between $1.5 million to $2 million in fiscal 2012, impacted by a soft retail market environment.
Net profit is expected to come in between $100,000 and $500,000 in fiscal 2012, aided by gains made on property sales.
Kresta’s board has appointed Tass Zorbas as its interim CEO, the founder and former Managing Director of the company.
Shares in Kresta fell 10.34 per cent yesterday, closing at $0.13.
Kresta Holdings posted a net profit of $3.3 million in the first half of its 2012 financial year.
