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[October 2001]
Boral Full-Year Results
Boral Ltd (Australia) recorded a net profit after tax and minorities of A$153.4 million for the year ended 30 June 2001, down 9.1% from the previous year. The sales revenue of A$3.28 billion fell 18.2% compared with the previous year, due to a sharp cyclical downturn in the Australian building and construction markets, particularly since the September quarter 2000.
Substantial initiatives were taken to reduce production levels, including reduction in working shifts and overtime at virtually all Boral operations. There was also temporary rolling shutdown or mothballing of 10 out of 20 brick and roof tile kilns in Australia, as well as moves affecting non-ceramic products.
Growth activities completed or committed to during the period include an investment in excess of US$20 million in the USA brick business, including a new clay paver plant in Georgia plus expansion initiatives of around US$17 million in the MonierLifetile business which is 50% owned by Boral.
On 20 August 2001, Boral announced the acquisition of 71% of Siam Gypsum Industry Co Ltd (SGI) by the Lafarge Boral Gypsum in Asia Ltd joint venture. This involved a cash payment at completion of approximately US$53 million, in line with expectation after adjustment for actual debt in SGI.
Prior to the completion of the acquisition, Boral had a 26.7% interest and Lafarge a 73.3% interest in the JV. Following finalisation of the SGI acquisition, Boral's shareholding in the JV rose to 43.6% and Lafarge's now stands at 56.4%.
ENDS