Topstyle posts loss

TOPSTYLE International Holdings posted a loss of $49.79 million for the year to March 31 compared with a profit of $14.2 million in the previous year.

Turnover fell 27.7 per cent to $305.36 million while operating losses were $29.7 million against a profit of $335,000 in 1994.

The company posted an exceptional loss of $19.44 million, derived from inventory provision. Losses per share were 16.9 cents. Directors did not declare a final dividend payment.