A writedown in assets has hit Nuplex Industries' bottom line.
The Auckland-based company's profit halved to $11.5 million in the six months to December compared with the same period a year ago.
It wrote off $13 million, half of that from osolete equipment in Australia.
Sales rose 11% to $829 million due to recent acquistions of resin and coatings manufacturer Viverso and plastics pigments and additives business Masterbatch.
Nuplex chief executive Emergy Severin says Australia remained weak, while Europe slowed at the end of the year, though Asia and the Americas grew.
Looking ahead, Nuplex expects full year earnings to rise slightly to $135 - $140 million due to the benefits of recent acquisitions and its cost cutting plans.
Last year it made $131 million.