BORAL (BLD): Steady EBIT, dividend up 21%, Reported net profit $105m as compared to reported net loss ($26m) in the pcp

Bell Potter

Stockbroker

BORAL (BLD): Steady EBIT, dividend up 21%, Reported net profit $105m as compared to reported net loss ($26m) in the pcp. Operating cash flow of $115m was $116m lower than the pcp largely due to the absence of consolidated Gypsum earnings, the timing of dividend payments from the USG Boral JV and the timing of income tax payments. Outlook: In FY2015, improved earnings are expected from Construction Materials & Cement underpinned by Property earnings; Building Products will continue to deliver an improved performance; USG Boral will deliver underlying improvement, the Gypsum division will contribute lower earnings reflecting a full 12-months of 50% equity accounted JV earnings; and Boral USA is expected to deliver a broadly break-even EBIT result. Today's share price reaction: Down 0.9% to $5.81 (12.07 pm) Recommendation: Neutral rating likely to be retained. Read more here (VIEW LINK)


Bell Potter Securities is a leading Australian stockbroking, investment and financial advisory firm that provides a comprehensive offering of financial services to a diversified client base that includes individuals, institutions and corporations.

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