In the year to the end of March, Rinker increased turnover by only 2.0 per cent to A$5,339m (US$3,706m), because of the weakness of the US dollar, which accounted for 77.4 per cent of the turnover. The US operations generated a turnover of US$2,868m and an EBITDA of US$591m. Cement volumes were boosted by one-off bulk deliveries to major trading partners and rose by some 16 per cent. Average prices were steady, in spite of higher costs, but are now rising. Cement margins thus narrowed during the 2003/04 trading year, but the EBITDA was around 9 per cent higher at US$117m.
The ready-mixed concrete business in Australia and in China produced an 18 per cent increase in turnover to A$1,201m, with the EBITDA advancing by 21 per cent to A$209m. Ready-mixed concrete deliveries in Australia rose by some 18 per cent on average prices that were ahead by some 5 per cent. Ready-mixed concrete volumes in China advanced strongly, while the Australian concrete pipes business saw steady volumes on prices that were up by around 6 per cent.