Boral Limited (ASX:BLD) has blamed poor weather conditions and poor construction activity for an expected 14 per cent fall in its full 2012 financial year profit.
The building and construction materials manufacturer now expects its full year profit before significant items will fall by $22 million.
Boral says the downgrade is due to continued heavy rain and lower residential housing activity on the east coast of Australia, particularly in Queensland and New South Wales.
The company also advises weather and market conditions continue to be key variables and a further update will be provided as the year develops.
In the first half of the 2012 financial year Boral’s net profit rose 65 per cent to $150.8 million.
