Strong housing market boosts Boral

By Mike Hayes15 February 2017

Mike Kane, CEO of Boral.

Mike Kane, CEO of Boral.

Shares in Australian construction materials firm Boral have risen to a four-year high, following strong construction activity in the country.

In its half year results, to December 31, 2016, the company announced its net profit had risen 12.3% to A$153.4 million (US$117.8 million), from the same period in the previous year.

The rise came despite a fall in revenue of 4.6%, to A$2.09 billion (US$1.6 billion).

Boral said the revenue drop was due to the completion of a number of large projects and accounting issues relating to a joint venture in the US.

The jump in the company’s profit comes as continuing strong housing market in Australia has resulted in a rising demand for its materials.

Boral’s CEO, Mike Kane, said, "The whole market has been amazed at the strength of the housing market. I expect it to stay at lofty levels in the next couple of years."

Latest News
US Service Group purchases Dalton Rigging
USSG has acquired all of the assets and operations of Dalton Rigging and Transport, of West Hartford, CT.
Mazzella Companies acquires Page Wire Rope
Effective immediately, Page Wire Rope & Slings, Inc. will operate as Mazzella Page Wire Rope.
Milan Cathedral receives Palazzani update
Pallazzani delivers a 52m Ragno XTJ 52+ spider lift to the structure for permanent maintenance