Aussie construction material firm Adbri tanks 15% after no interim dividend

Adbri

29/08/2023 01:43

** Shares of construction materials firm Adbri Ltd  ABC.AX 
fall as much as 15% to A$2.330, their worst intraday drop since
October 2022
    ** Adbri stock at its lowest level since June 29 and is the
worst performer in the ASX All Ordinaries Index  .AORD 
    ** Co did not declare an interim dividend considering
capital need to upgrade its Kwinana cement project
    ** Expects demand in 2H23 to be similar to 1H23; price hikes
to likely support earnings in 2H23 vs 1H23
    ** Investors brush aside a 12.8% jump in 1H23 underlying
NPAT to A$52.1 mln ($33.51 mln)
    ** Citi says "given strong run into the result and peer
beats, we expect the market was looking for more"
    ** Up 65.6% this year, as of last close, vs a 2% increase in
the ASX All Ordinaries index

    ($1 = 1.5550 Australian dollars)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))