MELBOURNE Aug 22 Top Australian building
products maker Boral Ltd reported a 59 percent fall in
second-half profit, in line with market forecasts, hit by weak
housing construction in Australia and delays in big resource and
Boral, which dumped its chief executive in May, declined to
give a forecast for the year ahead, in light of uncertain market
conditions, but said it would update investors at its annual
meeting in November.
Net profit for the six months to June fell to A$34.2 million
from A$83 million a year earlier, as calculated by Reuters from
full year figures and in line with analysts' forecasts of around
A$34 million. The bricks, roof tiles and cement maker issued
profit warnings in April and June .
Boral had forecast a full year profit between A$100 million
and A$110 million, and reported a full year profit of A$101
million. The forecast had included the completion of two
property sales but one of those fell through, it said on
For 2013, analysts are expecting a 50 percent improvement in
Boral's shares have fallen 3 percent so far this year,
lagging an 8 percent rise in the broader market.
(Reporting by Sonali Paul; Editing by Edwina Gibbs)