Boral says first-quarter earnings have dipped across all three of the building materials maker’s divisions, reaffirming guidance for a full-year profit drop of between five and 15 per cent.
“In Boral Australia we saw lower earnings in the first quarter of trading, with the softer housing market in Australia and delays in infrastructure projects underpinning 8.0 per cent lower concrete volume relative to last year, and broadly flat asphalt volumes,” chief executive Mike Kane was set to Boral’s annual general meeting on Wednesday.
The company said Boral North America earnings declined because US “volumes have not been growing at the rate we had expected” and USG Boral, its plasterboard joint venture, was hampered by slowing residential construction in Australia and South Korea.
AAP
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