Alesco Corporation (ALS) is an Australian-based building and construction products distributor, and recent troubles has resulted in it becoming one the key shares to sell among investors.
ALS recently reported a FY10 net loss of $124.3 million, which includes write-downs totalling $136.7 million.
The majority of the write-downs related to the underperforming Water Products division, which ALS attributed to tough market conditions.
The Garage Doors division delivered a strong result, while construction and mining came in line with expectations.
Earnings per share slumped almost 50% to 24.8 cents, and as previously indicated by ALS, no final dividend was declared.
ALS maintained a cautious outlook despite positive lead indicators in housing activity, and expects to resume dividend payments commencing this financial year.
The profit result was largely expected by the share market and a broker upgrade today means ALS will be one of the stocks to watch over the next few months.