Sharechat Logo

Cottonsoft narrows loss in 2012, gets smaller advance from parent

Wednesday 3rd July 2013

Text too small?

Cottonsoft, the toilet tissue maker working to repair its reputation after criticism of parent Asia Pulp & Paper's tropical rainforest logging, narrowed its loss in 2012 and took a smaller shareholder advance, its accounts show.

The net loss was $1 million last year, from a loss of about $2.4 million a year earlier, according to financial statements lodged with the Companies Office. Sales fell 4.1 percent to $77.2 million.

The Auckland-based company didn't pay a dividend and received a shareholder advance of $972,000, down from an advance of about $1 million in 2011, when it breached bank covenants. The 2012 accounts show it repaid its bank loan in July last year.

The 2012 loss was reduced by a net foreign exchange gain of about $2 million. Gross profit slipped to $22.5 million from $23 million.

Asia Pulp operates pulp and paper mills in Indonesia, where it has been the target of a campaign by Greenpeace over the environmental sustainability of its logging operations and the threat to the Sumatran tiger.

The environmental group had also urged consumers to boycott Cottonsoft products, which are sold by retailers including Countdown supermarkets. In February the manufacturer heralded an announcement from Asia Pulp that it would "end the clearance of all natural forests across its supply chain."

Cottonsoft's own website says the company uses only materials certified by the Programme for the Endorsement of Forest Certification, a body whose members include major forestry groups.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

NZ dollar falls on news RBNZ is looking at "unconventional" policy
Wrightson capital return gets shareholder approval
Morrison & Co eyes asset sales from first PIP Fund
Improved transmission pricing may save $2.7 bln - Electricity Authority
Precision Foundry receivers say no money for unsecured creditors
23rd July 2019 Morning Report
NZ dollar tad weaker, ECB, Federal Reserve in focus
MARKET CLOSE: NZ shares outperform Asia as exporters gain; Sky leads market higher
Significant shortfall for subbies in Ebert receivership
Transpower sees no risk to credit metrics from incentive change

IRG See IRG research reports