Adelaide Brighton updates its forecast for 2019

Australia’s Adelaide Brighton has issued a profit warning for the 2019 period, stating that its underlying profit is expected to fall around 37 per cent YoY to AUD120-130m (US$82.6-89.6m) from AUD190.1m.

The company has cut its interim dividend, cancelled ingredient imports and booked an AUD100m impairment charge, resulting in its shares posting the steepest fall in 15 years, according to Reuters.

The warning arrives as Australia’s construction sector continues to contract, with AIG Construction Index reporting a 10th-consecutive month of falling activity in June.