Australia’s Adelaide Brighton Ltd has reported a 74.5 per cent YoY fall in net profit to AUD47.2m (US$31.1m) for 2019, decreasing from AUD185.2m in the previous year. Revenue also declined 7.5 per cent to AUD1.517bn from AUD1.630bn.

The company’s EBITDA was down 23 per cent to AUD271.6m from AUD352.8m in 2018.

"In 2019, construction materials markets softened on the eastern seaboard of Australia, particularly in Queensland and New South Wales – driven by an oversupply of multi-residential dwellings, and a reduction in general consumer confidence," said Nick Miller, CEO.

Overall cement sales volumes declined 6.1 per cent in 2019, on the back of lower residential demand on Australia’s eastern seaboard, according to the company. In southern Australia sales were impacted by the completion of infrastructure projects and a new cement importer and distributor entering the market in 2018. However, the western market saw demand stabilise and volumes slightly increase in 2019.