Australia's Adbri falls most in over 4 months as annual profit drops

Adbri

28/02/2023 03:19

(Updates with comments from UBS and Citi)
    ** Shares of Adbri Ltd  ABC.AX  down as much as 11% at
A$1.64 - post their biggest intraday percentage fall since Oct
17
    ** Construction materials maker says FY net profit down over
12% at A$102.6 mln ($69.2 mln)
    ** Adbri cites higher energy, fuel and other costs, and wet
weather events on the east coast for annual profit drop
    ** Stock hits lowest since Jan 6
    ** Results were in line with analyst estimates at UBS and
Citi
        ** UBS and Citi expects cost headwinds to persist in
2023 
  
        ** Citi predicts share prices to respond cautiously 
  
    ** Co says it has decided not to declare a final dividend
due to capital investment required for its Kwinana Upgrade
project in Western Australia
    ** Stock up over 11% YTD, as of last close 
    
    ($1 = 1.4835 Australian dollars)

 (Reporting by Riya Sharma and Navya Mittal in Bengaluru)
 ((Riya.Sharma@thomsonreuters.com;))