Corporates: BLD, CPU, SUN
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Shares & #160;in & #160;building products supplier Boral bounced more than 4% yesterday, despite it trimming dividend after reporting & #160;a 9.2% fall in first half & #160;profit.On top of that, the company said the & #160;outlook for the second half of the year & quot;remains difficult & quot;.But the shares rose 4.4% to & #36;5.72, a rise of 24 cents on the day.That was a solid outcome after the market turned tail and retreated in afternoon dealings.Boral said & #160;net profit after tax for the six months to December 31, 2009 fell to & #36;67.9 million from & #36;74.8 million in the prior corresponding period.That was after a 10.2% fall in revenue to & #160; & #36;2.330 billion from & #36;2.594 billion. & quot;The outlook for the second half of the year remains difficult with historically low market conditions remaining in the United States and mixed short term prospects in our key markets in Australia, & quot; the company said in a statement to the ASX.New Boral chief executive, Mark Selway, who replaced Rod Pearse from & #160;January 1 this year, said that despite the difficult conditions in the US and a slowdown in non-residential activity in Australia, the company's full-year profit was expected to be & quot;broadly in line with current consensus & quot;.But he said forecasting was difficult in the current economic climate. & quot;Subject to current levels of building starts, weather conditions and roughly consistent exchange rates, we expect Boral's full-year profit to be broadly in line with consensus of & #36;123.5 million, & quot; Mr Selway said in a statement. & quot;Our immediate priority is to manage the business through the downturn and capitalise on opportunities as the market recovers. & quot;The company had declined to issue guidance at its annual general meeting in October last year.Interim payout to shareholders was set at 7c a share, down half a cent on the previous corresponding period. Earnings per share were 11.4c.Earnings Before Interest and Tax (EBIT) fell 15% to & #160; & #36;133 million due to increasing US losses and the absence of the & #36;7m Adelaide Brighton dividend following the divestment of Boral's 17.6% stake in May 2009. & quot;Conditions across Boral's major markets were mixed, & quot; the company said in the statement to the ASX. & quot;In Australia, buoyant infrastructure spend partially offset a weak but recovering housing market and significant softness in commercial construction activity. & quot;In the USA, the housing market bottomed at an annualised rate of 570,000 starts in the half year, down 25% year-on-year, and more than 60% below the 50-year average of 1.5 million. & quot;Solid market recoveries in Asia combined with excellent operational performance delivered improved results in the Group's construction materials operations and the plasterboard joint venture. & quot;
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Daniel Kertcher established Platinum Pursuits in 2001 as a vehicle in which to share his knowledge of strategies to use the financial markets to grow wealth, with the aim of achieving financial freedom by making your money work for you.
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