Boral's early earnings hit after FY profit
Boral has had a substantial hit to earnings from coronavirus restrictions early in the financial year, after a return to full-year profit.
The building materials supplier on Tuesday said restrictions on construction in Sydney and South Australia in July had contributed to a $50 million impact on its first quarter.
Chief executive Zlatko Todorcevski said the coronavirus measures were slowing activity in a number of states.
He said market conditions would be mixed for the financial year.
He tipped infrastructure and non-residential activity to remain largely steady, while residential building would not be as buoyant.
The company revealed a full-year net profit after tax of $640 million. This improved on a loss in the previous financial year.
The profit was helped by a post-tax gain of $389 million from the sale of the Midland Brick business in Western Australia, and 50 per cent stake in USG Boral.
Shareholders will not receive a final dividend.
However, Boral said there would later be a significant surplus from the sale of its North America building products business, Meridian Brick and Australian Timber business.
This money may be given to shareholders.
Shares on the ASX were down 6.13 per cent to $6.43 at 1138 AEST.
