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Boral release FY15 results

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World Cement,

Boral has reported a 45% increase in net profit after tax for the year ended 30 June 2015. Boral reported a net profit after tax of US$257 million, up 48% on the previous year.

Sales revenue from continuing operations of US$4.3 billion was in line with the prior year. Boral’s reported sales revenue for the year of US$4.4 billion was 15% below the prior year, reflecting the impact of a full year of 50% post-tax equity accounting in the Gypsum division following the formation of the USG Boral joint venture on 1 March 2014.

Earnings before interest and tax (EBIT) before significant items increased 21% to US$357 million driven by higher earnings from Construction Materials & Cement (including Property), Boral Building Products and Boral USA, offset by a lower Gypsum contribution following a full year of equity accounting for the 50% owned USG Boral joint venture operations.

Net debt of US$817 million at 30 June 2015 increased by US$99 million since 30 June 2014 largely due to the impact of foreign currency translation of US denominated debt; gearing2 of 19% remains low.

A fully franked final dividend of 9.5 cents per share, up 19% on last year, was announced and will be paid on 28 September 2015, bringing the full year fully franked dividend to 18.0 cents.

Adapted from press release by Joseph Green

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