Shareholders including 73 per cent owner Kerry Stokes and family won’t be paid a dividend, but new CEO Vik Bansal is steering a recovery.
under new chief executive Vik Bansal, but shareholders will need to be patient, with no dividend being paid., said he had also implemented a flatter management structure and more cost disciplines and the company was headed in the right direction.He signalled there would be a hard line on ensuring the benefit from price increases didn’t slip away. “Price erosion is not an option for Boral,” he said.
The company on Wednesday announced that revenue climbed 12 per cent to $1.68 billion for the six months ended December 31, from its network of 361 operating sites across concrete, asphalt, quarries and cement facilities.Net profit after tax fell 91 per cent to $89.5 million compared with $1.024 billion a year ago, when the results were bolstered by one-offs from the sale of the group’s North American building products business.
On a continuing operations basis, profits rose 15 per cent to $95.3 million. Earnings before interest, tax, depreciation and amortisation were up 7 per cent to $206.5 million, while EBIT margins increased by 20 basis points to 5.7 per cent. Boral expects June half profits to be roughly in line with those in the December half. Sales volumes were up 4 per cent in the December half.
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