News: Alesco expects H1 profit growth

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Takeover target Alesco Corporation Limited (ASX:ALS) says it expects to post a first half profit after tax well ahead of last year. 

The building material manufacturer says its first quarter profit after tax from continuing businesses has come in steady with last year, despite the continuing decline in the housing and renovation markets.

Speaking at Alesco's annual general meeting yesterday, Chairman Mark Luby also affirmed the company’s objection to a $210 million hostile takeover bid from paint maker DuluxGroup Limited (ASX:DLX). 

DuluxGroup yesterday announced it owns 48.25 per cent of Alesco’s issued capital. 

Alesco Corporation swung to an annual net loss of $13.9 million in the 2012 financial year, down from a profit of $13.6 million the year before.