The result came despite the company bringing in higher revenues for the period – $256.4 million in 2008 compared to 2007’s $225 million.The company said today the lower profits were partly a result of a dramatic turnaround in currency rates. Contributing further to the lower result was the company’s distribution division, suffered from both a deflated Australian dollar and a slow down in demand.However, Tutt Bryant managing director David Haynes said that excluding the impact of realised and unrealised foreign-exchange losses, Tutt’s board still expects to profits to be in the vicinity of $19-21 million, as advised in November 2008.“Australian importers are facing higher landed costs, causing some customers to resist the consequent price increases by deferring purchases,” Haynes said.“We expect the Australian dollar to remain weak in the short term and this is expected to continue to contribute to foreign exchange losses for the full year.”
