Sydney - Tuesday - August 22: (RWE Australian Business News) - Wattyl Ltd (ASX code: WYL) net profit fell 64.6 per cent to $4.08 million in the year ended June 30 from $11.53 million for the previous year. Net profit before non-recurring items rose 21.9 per cent to $13.26 million. Revenues for the paint and surface coatings company rose 0.9 per cent to $426.19 million from $422.41 million. Earnings per share (EPS) fell 65 per cent to 4.8c but EPS before non-recurring items from continuing operations rose 21.2 per cent to 15.7c. Final dividend has been increased from 2c to 6c, fully franked, payable on September 22 to shareholders registered September 8. Total ordinary dividend for the year is 14c, up from 12c, while there was a special dividend of 40c, compared with 10c in special dividends for the 2005 year.
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Managing director Dr John Nolan said it had been a year of positive change for Wattyl. "In June 2005 a major restructuring program was announced to reduce fixed costs across the business and to create single, focused sales, marketing and technical teams to maximise opportunities across the business, and to create single, focused sales, marketing and technical teams to maximise opportunities across Wattyl Australia's four operating units. "Other initiatives included improving supply performance to our customers and further rationalisation of the product range," he said. "These projects have essentially been completed and while the underlying performance has improved compared to last year, we are focused on ensuring the full benefits from these activities are realised in FY2007," Dr Nolan said.
WYL Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
