Wellington, Sept 3 NZPA - Just Water International Limited (JWI) has released "unacceptable" full year results showing a $17.7 million loss in consolidated earning before interest and taxes (ebit).

The water cooler supplier, with operations in New Zealand and Australia, said the loss in the year ended June 30 was incurred after adding the impairment on its Australian subsidiary of $18.3m. Its loss before tax was $19.4m.

The earnings before interest, tax, depreciation and amortisation (ebitda) were down 34 percent from $9.1m last year to $6m.

"Although the ebitda increased in the second half of the year, and we expect this to continue in 2011, the 2010 results are unacceptable," the company said.

In New Zealand, Just Water had a 41 percent loss in ebitda from $6.9m to $4.4m, while in Australia, the company had an 11 percent loss in ebitda from $2.1m to $1.9m.

The directors have decided not to pay a dividend as the company focuses on debt reduction, which stands at $25.5m. It anticipates to resume dividends in the 2011 year.

"Overall trading conditions remain challenging in both countries," the company said. "The directors are disappointed with the results, and are making every effort to improve performance in 2011.

"Based on the actions taken already, it is expected the company will turn around in the 2011 with a markedly improved ebitda."

The company's shares were unchanged sitting at 17.