Industry News

Wattyl Limited: UNAUDITED results for the full year to 30 June 2010

Published on 2010-08-25. Author : SpecialChem

Wattyl Limited provided its unaudited financial results for the full year to 30 June 2010. Earnings before non-recurring items and before interest and tax (EBIT) was $14.9m for the financial year to 30 June 2010 (2009: $6.6m).

Profit after tax before non-recurring items was $6.9m compared with $0.0m for the prior year. After non-recurring items the Profit after tax was $5.2m (2009: loss of $1.5m). Included within non-recurring items is a charge of $1.3m due to tax legislation changes in New Zealand. This adjustment is a one-off, non-cash accounting entry which recognises the removal of tax deductions for building depreciation from 1 July 2011 and has no impact on Wattyl's underlying operating profitability. Australian Accounting Standards require the impact to be recognised as at 30 June 2010.

Source: Wattyl Limited

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