Texas Industries hit by wet weather

Texas Industries hit by wet weather
Published: 13 July 2007

In its financial year to the end of May, Texas Industries increased turnover by 5.5% to US$996.25m. At the underlying level, the EBITDA rose by 30.8% to US$174.3m and the trading profit by 86.3% to US$164.6m. At the pre-tax level, a profit of US$150.5m was generated, compared with a loss a year earlier because of debt retirement costs. 

Cement shipments were affected by wet weather in both the third and fourth quarters, with the result than cement deliveries for the year declined by 1.2% to 4.60m tonnes (5.07Mst).  Average cement prices, however, increased by 9.1% to US$95.06 per short ton  (US$104.78/t) and profitability in the final quarter was also helped by a reduction in the energy costs.  Ready-mixed concrete volumes declined by 4.3% to 2.80m m³ while the average price rose by 9.6%. Aggregates shipments fell by 12.4% to 20.06Mt  (22.11Mst) bit an improved mix helped the average price to 15.6%.