NT boom cements record profits
The terrority construction boom has helped a South Australian cement and lime company make record profits.
Adelaide Brighton shares soared after a large profit and a special dividend boosted confidence this week.
Managing director Mark Chellew said growth in the lime market -- of which the NT was a major customer -- was one factor that would underpin the company’s future profit growth.
He said the Territory and Western Australia would need about 320,000 tonnes of additional lime -- and that the increase in lime volumes would boost company profitability -- by the end of 2012.
Lime is used in the making of cement, and for other industrial uses.
Territory Construction Association chief executive Craig O’Halloran said the flow-on profits were indicative of the direction of the building boom in Darwin.
He said the NT building boom still had three to five years of growth -- and that was a conservative estimate.
"In other quarters, people are saying it will be another 10 years," Mr O’Halloran said.
He said more southern companies would be looking to the NT to sell their building products.
On Thursday the Adelaide cement and lime company announced a record net profit of $102.1 million for the year to December 31, up 12.3 per cent, on revenues of $791.2 million, up 10.3 per cent.
Published under Cement News
