Australian industrial brands business Alesco Corporation (ASX: ALS) has posted another annual net loss and remains cautious about the coming 12 months.

The company declared a net loss of $124.3 million for the year ended May 31, only slightly lower than the $12.8 million in the previous corresponding period. Revenue slumped to $773.2 million, a drop of 9.7 per cent.

Alesco also said it will not pay a final dividend but will resume giving proceeds from fiscal 2011 interim dividend in March 2011.

The company's new chief executive Peter Boyd admitted Alesco's financial performance and shareholder returns had been disappointing.

Water products and functional and decorative products divisions, in particular, have been below expectations.

''The $133.1 million impairment charge for the WPS division has also had a significant impact on our bottom line,'' Mr Boyd said in a statement.

''While Alesco is generating trading profits and good cash flow, operational focus must be sharpened to restore our revenue base and operating margins.''

''We are focussed on delivering a comprehensive business improvement program ''Project Restore'' over the medium term,'' he said.

''An investment in capital and additional operational expenditure during FY11 will be required to deliver these initiatives.''

Despite positive lead indicators in housing activity, Alesco said it remains cautious about the next 12 months.

''Project Restore will provide a strong platform for operational improvement leading to earnings benefits and growth over the medium term, irrespective of any changes to market conditions,'' it said.

The company is expected to give a trading update at its Annual General Meeting on September 22, 2010.