Australian building materials producer Adelaide Brighton has lifted its first-half net profit by nearly 10 per cent and indicated a modest rise in annual earnings.
Net profit rose in the six months to 30 June to A$67.5m (US$70.5m) from A$61.4m in the previous corresponding period. Revenue rose 8.3 per cent to A$550.3m from A$507.9m.
Mark Chellew, managing director, said the company’s annual net profit could rise by as much as 4.4 per cent depending on the timing of cement sales and if market conditions were sustained in the second half. He described the first half as solid given difficult market conditions.
Mr Chellew said he expected the carbon tax would hit the company’s annual profit by about A$2.7m. However, the company still expected a modest improvement of the A$148.4m net profit it recorded for 2011, he said.
"Subject to the timing of cement sales to major projects and if market conditions are sustained during the second half of 2012, Adelaide Brighton expects a net profit after tax in the range of A$145 to $155m for the full 12-month period to 31 December 2012," he said in a statement.
