GWA International Limited (ASX:GWA) has warned it expects earnings to drop by as much as 25 per cent in the full 2012 financial year.
The supplier of building fixtures and fittings says the forecast has been hit by adverse weather conditions and more evidence of a slow-down in demand.
Based on the company’s March quarter results, GWA now expects full year sales on a like for like basis to drop by 11 per cent and EBIT to drop by between 20 and 25 per cent.
Managing director Peter Crowley says GWA’s restructuring activities are continuing with conditional sale agreements for surplus properties and a number of product initiatives taking place.
Shares in GWA International dropped 2.23 per cent yesterday to close at $1.98.
GWA International’s net profit fell 60 per cent to $13.3 million in the first half of its 2012 financial year.
