AUSTRALIA'S WATTYL REPORTS 56 PCT FALL IN H1 NET PROFIT.

AsiaPulse News, March, 2002

SYDNEY, March 4 Asia Pulse - Paint group Wattyl Ltd (ASX:WYL) reported a net profit of $A1.61 million ($US835,107) for the first half, down 56 per cent after significant adjustments and today said there was every reason to believe that the business would continue to strengthen in the second half.

But Wattyl said there was a solid improvement in its underlying business, with net profit up 78 per cent to $A6.4 million ($US3.32 million) before significant items.

Wattyl managing director Ian Jackson said the Wattyl management team was acutely aware of the need to improve financial performance.

"The right steps are being taken and there is every reason to believe the business will continue to strengthen in the second half," he said.

"The board...