Australia's Brickworks sees best day in 6 months on strong earnings outlook

Brickworks

13/12/2021 04:03

** Shares of Brickworks  BKW.AX  rise as much as 3.9% to
A$24.780, posting their biggest intraday pct gain since June 9
    ** Building material manufacturer expects https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02465660-2A1345485?access_token=83ff96335c2d45a094df02a206a39ff4
 H1 FY22 property EBIT of A$290 mln ($207.90 mln) to A$310 mln
    ** It had posted property EBIT of A$92 mln in H1 FY21 https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02357173-2A1289040?access_token=83ff96335c2d45a094df02a206a39ff4
 and A$253 mln in FY21 
    ** Says the COVID-19 pandemic has fuelled growth and
accelerated industry trends towards online shopping 
    ** Co also executes an unconditional contract for purchase
of 121 hectares of land in south west Sydney
    ** Says land will be used as a clay resource to support
Austral brick operations in Sydney
    ** Adds strategic location of land, close to the western
Sydney International airport, has future "development potential"
    ** Stock hits its highest since Sept. 30; up 24.2% this
year, as of last close 
($1 = 1.3949 Australian dollars)

 (Reporting by Upasana Singh in Bengaluru)
 ((Upasana.Singh@thomsonreuters.com))