Household fixtures and fittings supplier GWA Group's exit from manufacturing has contributed to a $12.8 million half year loss, but earnings from its remaining businesses have improved.
The company stopped manufacturing its bathroom and kitchen products during the six months to December 31, and also sold its Dux hot water and Brivis heating and cooling businesses.
That contributed to $36.7 million in restructuring charges.
Earnings from its remaining operations – distributing bathroom, kitchen, door and security products – rose five per cent from a year earlier, despite a weaker performance from its Gainsborough door and Gliderol garage door businesses.
GWA expects its full year earnings, before restructuring costs, to total about $70 million, up from $61.5 million in the previous year.
It also said it was seeking a ruling from the tax office about a proposed return of funds from the proceeds of its business sales to shareholders.
GWA’S RESTRUCTURE DENTS BOTTOM LINE
- Net loss of $12.8m, down from a $1.7m profit
- Earnings from continuing operations up five pct to $33.1m
- No interim dividend, unchanged