Boral’s first-half profit is expected to be close to that of the second half and under the same period last year due to flat or slowing building markets in the United States and Australia.
Boral is also looking to close at least four more US brick manufacturing plants. Chief executive of Boral Mark Selway said yesterday that it has been a tough start to the year with slower housing starts in Australia and continued economic uncertainty in the US.
He was speaking at the group’s annual general meeting in Sydney. Building products first-half results are expected to be similar to that achieved in the second half of the 2011 financial year, construction materials should benefit from major infrastructure and resource work, while the Asian cement business had enjoyed a solid start. The view of JPMorgan analyst Jason Steed is that Boral’s trading update had met their expectations.