Australia's Brickworks falls on HY loss

Brickworks

21/03/2024 03:10

(Updates with Citi notes)
    ** Shares of Brickworks Ltd  BKW.AX  down 4% at A$28.02, set
for worst day since Sept. 28, 2023, if trend holds 
    ** Brick manufacturer posts HY statutory net loss after tax
of A$52 mln ($34.28 mln), compared to a profit of A$354 mln a
year earlier
    ** Citi analysts say co's underlying loss of A$37 mln beat
Citi's estimate & Visible Consensus
    ** Brokerage firm sees "stronger-than-expected result in
building products and investments as a positive"
    ** Brickworks says earnings were adversely impacted by a
non-cash property devaluation of A$233 mln
    ** Co says EBITDA from investments was A$76 mln for the half
year, down 24% on pcp
    ** Citi maintains "buy" rating and maintains PT at A$35
    ** BKW stock up 4.4% YTD, as of last close

($1 = 1.5168 Australian dollars)

 (Reporting by Ayushman Ojha and Rajasik Mukherjee in Bengaluru)
 ((Ayushman.ojha@thomsonreuters.com;))