[28 November/ NZ Herald]

Wools of New Zealand Chairman, Mark Shadbolt said he was satisfied with the company’s performance for the 2017 financial year amid challenging market conditions. The company reported a net loss after tax of $321k, compared with a net profit after tax of $1.48 million in the previous year. Mr Shadbolt said the financial year had proven to be one of the most challenging for the New Zealand wool industry due to a decrease in global demand for strong wool. Wool exports have decreased by 48 percent over the past two years as the Chinese increased their wool production.