In the middle of small earnings, Just Water International has reported a full-year loss and is planning to wind up its business and sell it.

The registered water cooler supplier that has its presence in New Zealand and Australia observed a net loss of $19.2 million in the year that concluded on June 30. It had incurred a net profit of $1.8 million during the same period last year.

Income prior to tax, interest, depreciation and amortization dropped 34%, from $9.1 million to $6 million. The organization received a setback of $18.3 million from its Australian subsidiary Clearwater Filter Systems that it is preparing to sell off. However, it did not elaborate if it has found a customer for it.

The organization’s Australian business’s earnings plunged 8% to $11.5 million. It is not giving a dividend this time, as it wants to do away with the debt, which is $25.5 million for the year.

At the same time, New Zealand operations of Just Water International posted flat income growth that plummeted 1% from $24.1 million than the previous year.

Chairman Don McKinnon said, "Although EBITDA increased in the second half of the year, and we expect this to continue in 2011, the 2010 results are unacceptable".