The company behind Caroma and Fowler bathroom fixtures is selling off its hot water and heating and cooling businesses.
GWA says it wants to focus on the growth areas of its business – bathrooms, kitchens, doors and security systems – as housing construction increases.
The company has deemed its Dux hot water and Brivis heating and cooling businesses “non-core”, and intends to sell them and return some of the proceeds to its shareholders.
Managing director Peter Crowley said rising building approvals indicated a period of growth ahead for GWA.
“The number of dwelling commencements in the 12 months to March this year was up 12 per cent and as the completion of dwellings catch up, we’re expecting strong financial years ahead,” he told AAP.
GWA made a net profit of $18.6 million in the year to June 30, according to its unaudited financial accounts.
That is a steep fall from a $32.4 million profit in the previous year, due mainly to a $17 million restructuring charge in its Gliderol garage door business.
GWA shares were up four cents, or 1.5 per cent, at $2.76 at 1520 AEST.
The company’s finalised full year results will be released on August 19.