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Boral reports H1 loss

Boral Limited (ASX:BLD) reports a first half net loss of $25.3 million, down from a net profit of $153 million in the previous corresponding period.

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Boral has suffered a first half net loss of $25.3 million and says it expects conditions to remain challenging in the building products market.

Boral’s net loss for the six months to December 31 compared to a net profit of $153 million in the previous corresponding period.

Shares were up 0.6 per cent to $4.90.

The latest result was dragged down by $77 million worth of significant items, including impairment charges relating to the suspension of clinker production at Waurn Ponds in Victoria and first half restructuring and redundancy costs.

Those costs were partially offset by a gain on the divestment of the Asian Construction Materials businesses.

The company announced 700 job cuts in January as it reduces costs to deal with a prolonged housing slump.

Boral’s underlying net profit before significant items was $52 million.The company had forecast an underlying profit of about $52 million.

‘‘Conditions will remain challenging for building products in the second half, although the division will benefit from cost reduction and restructuring programs,’’ the company said in a statement this morning.

AAP