Building delays hit Boral’s first half profit in Australia

Building company Boral (ASX:BLD) released a statement today showing their first half profit in Australia has taken a hit.

For the first half of FY2019 it expects net profit after tax to be approximately $200 million and EBITDA to be approximately $485 million.

There have been delays in projects, volume lags and extreme rainfalls on the east coast in October.

In the US excluding the impact of lower earnings due to the sale of Denver Construction Materials in July 2018 and Texas Block in November 2018, EBITDA for the first half of FY2019 is expected to be broadly steady on the first half of FY2018.

EBITDA growth from Boral North America offset by lower earnings in Australia and a lower contribution from USG Boral.

Shares in Boral (ASX:BLD) are trading 7.29 per cent lower to $4.58. 

Source link Finance News Australia

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