Boral Limited is a manufacturer and supplier of building and construction materials in Australia and internationally. Boral supplies building products to the residential and commercial building markets, operates clay brick business in the U.S. (for clay roof tiles and fly ash) along with the production of plasterboard, timber products and concrete products. The group is listed on the Australian Stock Exchange and is a member of the S&P/ASX 200.
Boral has downgraded its profit guidance for the second time in a little over two months.
It now expects net profit to be between $100 million and $110 million, down from the previously downgraded guidance of $128 million to $153 million.
Interim CEO Ross Batstone said in a statement “a number of recent events have come together to weaken Boral’s trading performance in the fourth quarter which add to the impact of ongoing weakness in the Australian new housing construction market.”
Boral also noted that the business continues to operate comfortably within its Banking covenants.