This article is from the Australian Property Journal archive
DULUX Group has reported a net profit after tax increase of 3.7% to $63.7 million for the six months to March on the back of demand for its paint products in Australia.
Including the impact of non-recurring items, the group reported a statutory NPAT of $11.9 million, up 28.7%.
An interim dividend of 11.5 cents per shared, fully franked, was declared, representing a 4.5% increase and a 70% payout ratio on NPAT.
Sales revenue increased 1.7% to $851.1 million.
Earnings before interest and tax (EBIT) increase 4.5% on the year, excluding non-recurring items, to $98.3 million. Net debt to EBITDA improved to 1.4 times, compared with 1.5 times 12 months prior.
The group’s paints & coatings Australia and New Zealand business grew sales by 2.3% to $452.5 million and EBIT by 5.0% to $82.6 million.
Its consumer and construction products business, comprising Selleys and Parchem, in Australia and New Zealand saw EBIT decline 6.8% to $12.3 million on sales that fell by $7 million, or 5%.
Dulux forecasts 2016 net profit after tax will be higher than the 2015 equivalent of $124.7 million.
Australian Property Journal
