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.


Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.