Australia's Adbri faces worst session in two years on lower profit

Adbri

22/08/2022 02:00

** Shares of construction material maker Adbri Ltd  ABC.AX 
drop as much as 17.3% to A$2.20 in their biggest intraday pct
fall since July 3, 2020
    ** Co reports 15% fall in H1 statutory net profit after tax
(NPAT) to A$48.1 mln ($33.08 mLn), underlying NPAT down 1.3% to
A$54.3 mln  urn:newsml:reuters.com:*:nASX8PzXKK 
    ** Jefferies says EBIT and core NPAT missed estimates
    ** Adbri says 8% growth in revenue to A$812.4 mln did not
reflect in NPAT due to wet weather events, higher raw material,
shipping and fuel costs
    ** Stock hits lowest level since Aug. 3, 2020
    ** Trading volume twice the 30-day average, with 1.4 mln
shares traded so far
    ** Stock down 5.7% YTD, as of last close 


($1 = 1.4541 Australian dollars)

 (Reporting by Harshita Swaminathan)
 ((Harshita.Swaminathan@thomsonreuters.com))