Norwest. Wattyl outllook remains 'uncertian'

While the outlook remains uncertain, the company anticipates a modest improvement in sales both in Australia and New Zealand during the 2010 financial year. With the anticipated further $12 million cost benefit from the restructuring, other productivity programs and additional investment in brands, earnings are expected to improve, the Wattyl Group, based at Norwest Business Park, said in a report to the ASX. Sales in Australia were down 8.3 per cent from the previous year, primarily due to the deranging of some product lines at select retailers and a suppressed housing market. Sales in New Zealand were down 16.6 per cent on the prior period due to the challenging economic environment. Sales of $381.4 million were down 9.3 per cent on the previous year. Net profit in 2008 of $11.6 million fell to a net loss of $1.5 million in 2009.