News: Dulux paints over 14% FY profit fall

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DuluxGroup Limited (ASX:DLX) has posted a 14 per cent fall in its full year net profit of $76.9 million, owing to acquisition and impairment costs.



The profit result included $15.1 million in costs related to the paintmakers Alesco acquisition as well as a $10.2 million impairment against its DGL Camel JV in China.



Despite the fall, Dulux says its Alesco businesses have made a solid start, improving its pre tax earnings by 3.7 per cent in weak, but improving markets.



Dulux says revenue surged 39 per cent to $1.48 billion, and key market indicators in Australia are continuing to improve, pointing to growth in 2014.



The company says its 2014 results will include a full year of Alesco operations, as opposed to 10 months this year.