Home improvements manufacturers DuluxGroup has announced an increase in first-half profits of over a third, and expects business to be unhurt by a tough federal budget.
AAP reports that net profit was up 88 per cent to 60 million for the half-year to March 31. Excluding one-off items, net profit was up 34 per cent.
"A lot of the fundamentals are actually in quite a positive position,” Fairfax reports managing director Patrick Houlihan as saying.
“We've had relatively high levels of
population growth over the last couple of years and that's set to continue,
we've got historically low interest rates, we've got relatively low levels of
unemployment, we've got a strong and robust property market,"
Houlihan predicted that results would continue to be strong for the rest of the year, with the love affair Australians have with their homes undiminished by last week’s unpopular federal budget.
“We find this psyche that ‘my home is my castle’ still prevails. People are always doing jobs around the home,” he said.
“I think back to the global financial crisis and a number of retailers in the home improvement space spoke of the fact their weekday sales went up even in the extreme case where people may have moved from full-time to part-time employment.”