Boral slashes full-year profit guidance

http://www.afr.com/p/business/companies/boral_slashes_full_year_pro...

Boral slashes full-year profit guidance

PRINT EDITION: 20 Apr 2012

Boral said NPAT for the first quarter of calendar 2012 was some $22 million below forecasts. Michael Hobbs Australias largest building materials company Boral has downgraded its full-year net profit after tax guidance by $22 million due to rain and poor construction activity on east coast Australia. Boral said NPAT for the first quarter of calendar 2012 was some $22 million below forecasts. Half-year management guidance for NPAT before significant items is now between $128 million and $153 million, down from between $150 million and $175 million. The US and Asian results remain broadly in line with expectations. The downgrade was flagged by Street Talk in mid-March as rainfall persisted and residential and commercial construction activity continued to subside. Group chief executive Mark Selway had emphasised rain caveat in February but also highlighted the huge number of resource-based contracts in the second half, particularly on Curtis Island and Western Australia, that would help the company post a small increase in full-year earnings. At the time, broking analysts were sceptical of Borals ability to generate such a bumper second half given the possibility of poor weather and a prolonged downturn in residential building. More to come The Australian Financial Review

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Michael Hobbs

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20/04/2012 9:24 AM

Boral slashes full-year profit guidance

http://www.afr.com/p/business/companies/boral_slashes_full_year_pro...

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20/04/2012 9:24 AM