Australia's Ansell expects improved demand after restructure hits profits

SYDNEY Sun Aug 17, 2014 7:26pm EDT

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SYDNEY Aug 18 (Reuters) - Australia's Ansell Ltd, the world's biggest maker of condoms and gloves, said on Monday it anticipated improved demand in developed economies this year as it posted a 70 percent drop in full-year net profit due to pre-flagged one-off restructuring charges.

Net profit of $41.8 million compared with $139.2 million a year ago. Sales grew 16 percent to $1.59 billion as the company benefited from acquisitions including Midas Co Ltd of South Korea and US rubber glove maker, BarrierSafe Solutions International.

In June, Ansell announced plans to relocate its condom headquarters offshore, exit a U.S. military gloves operation and shut a plant in Malaysia, in a restructuring that will cost $124.7 million and 250 jobs. (Reporting by Jane Wardell; Editing by Paul Tait)

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