Adelaide Brighton's profit hit by softening of construction market

Company News

by Rachael Jones

Construction materials and lime producer Adelaide Brighton (ASX:ABC) today reported its half year results for the period ending 30 June 2019 showing reported net loss after tax of $17.9 million, down 121.2 per cent on the prior corresponding from $84.5 million.

This loss was mainly due to an after tax non-cash impairment charge of $69.9 million.

First half revenue of $755.7 million is down 6.3 per cent compared to the pcp to further softening of conditions in the residential and civil construction market and continued competitive pressure in Queensland and South Australia.

Underlying net profit after tax (NPAT) of $55.3 million (excluding significant items) impacted by competitive pricing pressure, a reduction in volumes and a sustained increase in raw material costs.

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