DuluxGroup profit drop

Paint maker DuluxGroup has announced a lower annual profit but says it expects an improvement in performance for the year ahead.

The company’s net profit in the year to September 30 fell from $93.2 million to $89.5 million, down four per cent.

The company said the results take in to account one off items including tax benefits and the cost of its acquisition of building products company Alesco, SMH reported.

Sales revenue for the company was up 7.2 per cent to $1.07 billion, due in part to the  merger of DuluxGroup’s China and Hong Kong businesses.

"DuluxGroup has been thoroughly tested this year by weak market conditions, changing competitor and retail customer landscapes, significant input cost pressure and increased operating costs as a consequence of the Rocklea flood," chief executive Patrick Houlihan said in a statement on Wednesday.

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