DuluxGroup Limited
(ASX:DLX) has seen its first half net profit slide by 31.3 per cent, hit by costs incurred by the acquisition of Alesco.
The paintmakers first half profit was $32.92 million, down from a $46.3 million result in the previous corresponding period.
Dulux says the profit was dragged by $10 million in non-recurring costs related to its acquisition of Alesco last December.
Managing Director Patrick Houlihan says the result was very strong in generally soft markets, and expects its full year net profit to be in line with analyst expectations of approximately $89 million.
Duluxgroup will pay a fully franked interim dividend of 8 cents, representing a 70 per cent payout ratio on its net profit before the non-recurring items.
