Dulux Group (DLX) says its Alesco businesses have made a “solid start”, after posting a fall in net profit for 2013, largely on the back of acquisition costs and an impairment charge against its Chinese joint venture.
For the 12 months to September 30, the paint maker posted a net profit of $76.92 million down 14% from the previous year.
The figure included $15.1 million costs related to its Alcoa acquisition and a $10.2 million impairment charge against its DGL Camel joint venture in China.
Meanwhile, revenue surged 39% to $1.48 billion.
Dulux's earnings included a $15 million insurance payout on flood damage to its main manufacturing facility in 2011.
The group will pay a final dividend of 9.5 cents, franked at 30 per cent, to shareholders on the register at November 28.
The payment brings total dividends for the year to 17.5 cents, up from 15.5 cents in the previous year.