In its financial year to the end of June, Boral increased turnover by 10.7% to Aus$4,767m (EUR2,864m) with the EBITDA moving up by a more modest 3.7% to Aus$823m (EUR 494m), while the pre-tax profit declined by 3.1% to Aus$516m (EUR 310m). The softer Australian housing market provided the main negative effect, the non-residential areas performed better, as did the USA, with Asian profits being modestly ahead overall.
The cement division increased turnover by some 10% to Aus$507m but the EBITDA declined. Cement shipments improved by 6%, though lime volumes dropped by a quarter because of lower demand from the steel industry. Average cement prices increased by 3% but operating casts were by up rather more, including an Aus$10m charge relating to the Waurn Ponds cement works, where stage two of the upgrade was completed. An Aus$27m investment at the Berrima cement plant will double capacity at the No. 7 mill to 0.8m tonnes by next March. The concrete and quarrying operations increased turnover by 8% and EBITDA by 4%, with volumes growing by 7% in concrete and by 5% in aggregates. The outlook for infrastructure spending in Australia is favourable and cement price increases of around 4% to 5% have been announced for October along with AUS$5 per tonne for concrete.