Smh:
BSR Australia, the parent company of Betta Electrical and Chandlers, is back in the black for the first time since its predecessor went into administration last year.
The new parent company was formed by a consortium of Betta store franchisees, who pooled their equity and ambitions to buy out the assets of Betta Stores Ltd after it went into receivership.
The reborn company on Monday announced a net profit after tax of $1.4 million for its first five months of trading.
That result “comfortably exceeded” the budget and positioned the company for a strong 2008 financial year, the company said.
“This is an excellent result for the group despite difficult market conditions and some robust competition,” BSR chairman Garry Thyer said.
“Our main objectives for the first few months of the new BSR were to stabilise the company and strengthen the balance sheet.
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