MELBOURNE, Aug 22 (Reuters) - Top Australian building products maker Boral Ltd reported a 59 percent fall in second-half profit, in line with market forecasts, hit by weak housing construction in Australia and delays in big resource and road projects.
Boral, which dumped its chief executive in May, declined to give a forecast for the year ahead, in light of uncertain market conditions, but said it would update investors at its annual meeting in November.
Net profit for the six months to June fell to A$34.2 million from A$83 million a year earlier, as calculated by Reuters from full year figures and in line with analysts’ forecasts of around A$34 million. The bricks, roof tiles and cement maker issued profit warnings in April and June .
Boral had forecast a full year profit between A$100 million and A$110 million, and reported a full year profit of A$101 million. The forecast had included the completion of two property sales but one of those fell through, it said on Wednesday.
For 2013, analysts are expecting a 50 percent improvement in profit.
Boral’s shares have fallen 3 percent so far this year, lagging an 8 percent rise in the broader market.
Reporting by Sonali Paul; Editing by Edwina Gibbs