egolinews.com

Adelaide Brighton Limited (ABC) said at this morning’s AGM that net profit after tax guidance for the year ended 31 December 2009 would be in the range of $105 million - $115 million, in line with previous forecasts. The cement manufacturer reported a net profit for the previous corresponding period of $120.8 million.

Meanwhile, at the end of this year the company said that its debt level would be around $225 million, with gearing reduced to less than 25% following a successful capital raising earlier in the year.

The company said the strengthening Aussie dollar would be beneficial for second half import costs, however it could also limit potential for future upside in domestic prices, and apply pressure on cement pricing in some regions.

The company said that ‘profit optimisation’ strategies employed by the company had secured an extra $15 million in EBIT.

At 1022 AEDT, Adelaide Brighton shares were down 3c to $2.65.

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