Adelaide Brighton Ltd announced a net profit up 56.7 per cent to US$68.8m on revenue up 12.1 per cent to US$519.4m for the half year ended June 30. EBIT was up 38.4 per cent to US$98.7m.
A 7.5c dividend and 2.5c special dividend, both fully franked, were announced, record date August 31. NTA backing per share is US$1.16 compared with US$1.15 for the previous corresponding period (pcp). Basic eps is 10.8c compared with 7.6c for the pcp. Net debt to equity is 19.8 per cent compared with 31.4 per cent for the pcp. Operating cash flow is up 18.1 per cent to US$69.9m.
Managing director Mark Chellew said the very good result had been achieved through higher demand for cement and lime, a reduction in interest expense and the higher Australian dollar, which positively affected margins on imported materials.
He said the company expects strong demand for cement to continue for the remainder of 2010 driven by infrastructure projects in South Australia and the mining sector in Western Australia.
If market conditions are sustained in the second half of 2010 and barring any unforeseen circumstances, the company expects NPAT of between US$140 and US$150m for the 12-month period to December 2010 compared with US$123m last year.