Major changes at bathrooms and kitchens fixtures supplier GWA have plunged it into the red, but the company says it is now focused on making the most of an improving housing market.
The company behind the Caroma and Dorf brands made a loss of $16 million in the year to June, due to its sale of several businesses in the year, and the end of its manufacturing operations.
That is down from a profit of $18.6 million in the prior year, though sales in its remaining operations rose seven per cent.
Managing director Peter Crowley said GWA was now a simpler business that should be able to capitalise on improving market trends delivered by a rise in housing construction.
No final dividend will be paid by the company, but it expects to resume shareholder payouts for the first half of the current financial year.