GWA CUTS A $25M PROFIT

Written on the 5 March 2010

GWA CUTS A $25M PROFIT

HOUSEHOLD products distributor GWA International Limited (ASX: GWT) has recorded a 3.9 per cent profit fall for the last half, despite the sale of its iconic lawnmower business to a US-based company.

GWA announced the sale of Rover Mowers yesterday to MTD Products’ Australian arm for a sum expected between $10 million and $12 million, but this resulted in a $3.4 million loss from discontinued operations.

The $25.5 million net profit result comes despite a 9 per cent surge in revenue in the half ended December 31, with the company’s building fixtures and fittings segment growing by 11 per cent.

Managing director Peter Crowley, doesn’t see any signs of underlying improvement in a difficult market, but still expects profit growth this financial year.

“We expect sales to reduce in the second half due to lower sales of environmental products,” says Crowley.

“We will be working to improve the business to offset this anticipated decline in revenue. Our focus for the next half year is to improve supply chain management and overhead efficiency through systems optimisation, to reduce working capital, and to search for growth opportunities.”

Don’t miss the full wrap-up of Brisbane’s top public companies in the March edition of Brisbane Business News.


Latest News

SUPREME COURT ORDERS OCTAVIAR GROUP TO WIND UP

THE Queensland Supreme Court has ordered the Octaviar Group of companies (formerly known as MFS Group) to be wound...

CEOS BRAVE THE COLD TO RAISE $1.4 MILLION FOR THE HOMELESS

MORE than 400 executives confronted the cold last night in the annual Vinnies CEO sleepout, which took place benea...

JENNIFER WESTACOTT ON BANK TAX: IT EXPOSES GOVERNMENT "DESPERATION"

South Australia's new bank levy exposes the desperation of a government that is unable to get its own budget and ...

BASKETBALL'S COMEBACK CONTINUES WITH NBL CLUBS TO FACE OFF AGAINST CHINA'S NATIONAL TEAM

THE RESURGENCE of Australia's National Basketball League (NBL) continues with China's national team to play t...

Related News

BASKETBALL'S COMEBACK CONTINUES WITH NBL CLUBS TO FACE OFF AGAINST CHINA'S NATIONAL TEAM

THE RESURGENCE of Australia's National Basketball League (NBL) continues with China's national team to play t...

DOMESTIC TOURISM IN AUSTRALIA BREAKS RECORDS, INJECTS $61.7 BILLION INTO NATIONAL ECONOMY

DOMESTIC Australian tourists have spent a record breaking $61.7 billion on intra and interstate travel this year, acc...

THE DOCTORS WHO PLUNGED INTO THE SHARK TANK AND SURVIVED WITH A $500,000 INVESTMENT

THEIR mission is to change the face of cancer care with an app that empowers and connects patients and care givers...

IMF BRACES FOR BIG LOSS FOLLOWING WITHDRAWAL FROM SPOTLESS CLASS ACTION

LITIGATION fund IMF Bentham (ASX: IMF) is set to lose as much as half a million dollars after it ceases funding one o...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter