Hills posts $75M loss, launches buyback

Company News

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.

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