Australia's Boral sees higher earnings in 2024, annual profit falls (updated)

Boral

09/08/2023 23:54

(Adds context on results, CEO quote in paragraph 5)
       Aug 10 (Reuters) - Australian cement products maker
Boral Ltd  BLD.AX  said on Thursday it expects bigger 2024
earnings on strong demand and higher commodity prices, after it
reported a drop in annual profit.
    The company reported underlying earnings before interest and
taxes (EBIT) of A$231.5 million in fiscal 2023, and now expects
between EBIT of A$270 million ($176.28 million) and A$300
million next year.
    Boral's profit for 2023 fell 4.7% from a year earlier when 
earnings included A$977.6 million of post-tax income from
discontinued operations, relating to the profit recognised on
the sale of the North American Building Products business.
    Net profit before significant items fell to A$142.7 million
for the year ended June 30, compared with a median Refinitiv
estimate of A$123 million, from A$149.7 million a year earlier. 
    "We have seen volume growth across all our products, coupled
with a disciplined approach to price, cost, and cash," CEO Vik
Bansal said 
     

($1 = 1.5316 Australian dollars)

 (Reporting by Ayushman Ojha)
 ((Ayushman.Ojha@thomsonreuters.com;))