Boral profits sink even lower on fresh $45m profit hit

Floods on the east coast and soaring energy and fuel costs have triggered another hefty profit downgrade for concrete and asphalt group Boral, which is 70 per cent owned byChief executive Zlatko Todorcevski said on Wednesday full-year profits would be dented by $45 million, as disruptions from flooding and persistent heavy rainfall brought a $30 million hit, with rising inflation as coal, electricity and fuel prices jumped, making up the other $15 million.

“Ongoing rainfall in many parts of the east coast, particularly in NSW and Queensland, has continued to significantly impact our sales volumes, while also resulting in additional costs,” he said.Louie DouvisBoral shares slipped 1.9 per cent in early trading to $3.15 by 10.20am AEST; in early February, they traded at $6.53.

Boral has been through a large transformation in the past 18 months, selling out of North America with about $4 billion in asset sales. A large part of that strategy was driven by thecontrols the company. Ryan Stokes, son of Kerry Stokes is Boral’s chairman. Mr Stokes and the board have been heavily pruning costs as they try to improve returns in what is now a domestic Australian business.

Should we start a gofundme for Stokes? I'm worried

He may have to put on some decent shows in 7, to improve ratings and make up the short fall.

Poor Kerry

There was a massive capital return in the form of a special dividend in Feb.......

I’m so sad for him .

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