Australian materials producer Boral has reported an increase of +23% in net profit (before significant items) of AUS$ 137 million (US$ 98 million) for the second half of 2015.
The company said the results reflect improvements in margins, stronger housing activity in the US and continued strength in Australia.
It also recorded revenues of AUS$ 2.2 billion (US$ 1.57 billion), which was down by -4% on the previous year, due to the impact of equity accounting for the Boral CSR Bricks joint venture, which was formed on 1 May 2015.
Earnings before interest and taxes (EBIT) (before significant items) increased +19% to AUS$ 200 million (US$ 143.17 million), said to be underpinned by higher earnings from all divisions, including a strong focus on operational cost improvements and some pricing gains.
Boral’s CEO & managing director, Mike Kane, said “The substantially improved result is a reflection of our commitment to improve Boral’s cost base, grow our margins and respond more quickly and more efficiently to market conditions.
“The success of the first half is underpinned by a very strong residential construction market in NSW, a solid performance in South-East Queensland, further recovery in the US and a successful growth strategy in the gypsum business in Australia and Asia.”