Boral Ltd
(ASX:BLD) says it has been a pretty bumpy start to the financial year, but is expecting a stronger second half.
The building products maker says it has been impacted by continued economic uncertainty in the US and wetter than usual conditions that have held back progress in many of its key Australian markets.
Boral says it expects tough trading conditions to continue in the US, but anticipates a slow return to growth as the US economy improves.
Speaking at the company’s annual general meeting, CEO Mark Selway says Boral has been constrained by the global economy but continues to hold commanding positions in its core Australian business and higher growth markets in Asia.
Boral warns that the US will continue to be a drain on its returns until the market improves to more normal levels.
Boral moved into the red in fiscal 2010, reporting a loss of $89.3 million in the year to 30 June.
