Boral’s first-half profit fell 6.4 per cent to $200.2 million after the building materials supplier was hit by heavy rain in both the US and Australia.
Boral said on Monday that profit excluding significant items for the six months to December 31 slipped from $213.9 million a year earlier as volumes slowed amid extreme rainfall in key US states and October’s downpours in NSW.
Growing infrastructure activity helped offset softer residential construction in Australia, but the weather and project delays led to an eight per cent fall in domestic earnings.
“Boral’s half-year results reflect strong underlying businesses, which were impacted by adverse weather, particularly in North America, as well as project-related volume delays in Australia,” chief executive and managing director Mike Kane said.
“We expect to deliver growth in the second half.”
Net profit, which includes a $65.2 million gain on the disposal of two units, rose by about a third to $236.5 million.
At 1032 AEDT, Boral shares were 4.5 cents, or 0.91 per cent, lower at $4.915.
BORAL’S FIRST HALF
* Net profit up 36.7pct to $236.5m
* Net profit ex significant items down 6.4pct to $200.2m
* Revenue up 1.8pct to $2.99b
* Half-franked interim dividend up 0.5 cents to 13 cents