In the nine months to the end of February, Texas Industries saw its turnover decline by 13.9% to US$656.9m, while the pre-tax profit dropped from US$89.6m to US$32.5m. Net debt at the end of February stood at US$507.1m to give a gearing of 60.1%.
Turnover in cement declined by 18.4% to US$285.4m and the trading profit dropped by 49.5% to US$38.9m. Cement deliveries were down by 16.3% to 2.85Mt (3.14Mst) while the average price was off by 2.3% to US$100.20/t (US$90.90/st). In the third quarter, cement prices were 4% higher in Texas, in spite of a 28% reduction in volume, but showed a 14% drop in California, where volumes fell by 24%. Work on expanding the central Texas cement plant will stop early in May and will only recommence once demand starts improving again.
