Norwest. Wattyl makes a profit

The paint maker and takeover target Wattyl, based at Norwest, has turned around a previous loss to book a net profit in the 2010 financial year. The company booked a net profit of $5.15 million for the year ended June 30, compared with a loss of $1.5 million in the previous year. Wattyl is subject to a $142 million takeover offer from the Valspar Corporation, in the USA, at $1.67 a share.