Alesco Corporation Ltd
(ASX:ALS) has reported an 82 per cent fall in net profit to $1.76 million for the six months to 30 November 2010.
The figure compares with $9.71 million in the previous corresponding period.
The industrial brands manufacturer has also today announced that it has inked a deal to sell its Water Products and Services division for around $20 million to Anchorage Capital Partners Pty Ltd.
The sale will result in an $8.5 million impairment charge against the carrying value of the asset.
The transaction is expected to be completed by the end of February and the trading results of the business will be included in Alesco’s second half results.
Alesco says it will use the proceeds of the sale to repay debt.
In the year to 31 May 2010, Alesco Corporation reported a net loss of $124.3 million.
