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

Adbri

28/02/2023 01:20

** Shares of Adbri Ltd  ABC.AX  down as much as 10.9% to
A$1.64, post their biggest intraday percentage fall since Oct
17, 2022
    ** The construction materials maker says FY net profit down
12.1% at A$102.6 mln ($69.16 mln)
    ** Adbri attributes higher energy, fuel and other costs, and
wet weather events on the East Coast as reasons for annual
profit drop
    ** Stock hits lowest since Jan 6
    ** 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 11.2% YTD, as of last close 
    
    ($1 = 1.4835 Australian dollars)

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