Boral reports net profit of AUD486m in FY19

Boral reports net profit of AUD486m in FY19
28 August 2019

Boral reported net profit of AUD486m (US$325.7m) for the full year ended 30 June 2019, six per cent down on FY18. Sales revenue was steady at AUD5863m on FY18 and sales revenue for continuing operations of AUD5801m up four per cent.

EBITDA reached AUD1037m compared to AUD1056m in FY18.

"Boral’s full year results demonstrate the benefits of strong infrastructure activity in Australia and resilience of our underlying businesses, together with implementation of improvement initiatives and cost reduction programs across the Company. While we have seen a 15 per cent decline in Australian housing starts, lower Australian property earnings and lower than expected growth in North America, revenue from our continuing operations was up four per cent and EBITDA improved two per cent," said Boral's CEO and MD, Mike Kane.

"In Boral Australia, despite a marked slowdown in housing starts and lower concrete volumes, revenues were steady. EBITDA remained strong although it was six per cent lower than last year primarily due to reduced Property earnings, which were AUD33m this year compared to AUD63m in the prior year. Excluding the impact of property, earnings were two per cent lower on softer volumes, partly offset by price growth, improvement initiatives and cost savings," Mr Kane added.

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