Just Water International has made a modest profit of $818,000 in the year to June.
That's a turnaround from a loss last year of $19.2 million when it took a $18 million goodwill impairment charge.
Sales fell 8% to $32 million, but gross earnings rose due to cost cutting.
Just Water says it's stabilised operations earlier than expected and will now focus on growth. Plans to sell its Australian business have been cancelled after a turnaround in profits.