DuluxGroup says full year profit will be more than $71.5 million as the paint maker doubles first half profit on the back of its market leading brands.
The $71.5 million comparison figure is the fiscal 2010 pro forma net profit before one-off demerger costs.
Net profit rose to $48.74 million for the six months to March 31 from $23.65 million a year earlier, Melbourne-based Dulux said in a statement today.
Revenue increased 59 per cent to $491.2 million.
On a pro forma basis revenue increased 0.2 per cent and earning before interest and tax before standalone costs rose 10.5 per cent to $71.8 million.
The interim dividend will be a fully franked 7.5¢ per share.
Dulux chief executive Patrick Houlihan said the result reinforced the company's strategic direction, given the challenges presented by natural disasters and subdued conditions in some markets.
"We have continued to invest in our premium brands and capabilities to ensure that we are well positioned for ongoing growth," he said.
"This is reflected in the fact that a number of our businesses have strengthened their strategic leadership positions, benefiting from share growth and favourable range review outcomes from major retail customers during the first half."
The floods that devastated parts of Queensland in January caused the temporary shutdown of Dulux's main Australian paint factory at Rocklea.
The estimated sales loss as a result of the Rocklea closure would be about three per cent, and there would be a modest impact on sales in the second half.The reinstatement of production at Rocklea was progressing to plan, with water-based paint production at pre-flood levels and solvent-based paint production due to recommence in late June or early July.
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