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Reuters
Reuters
Business

Australia’s Adelaide Brighton annual profit falls on debt charges

(Reuters) - Australian cement producer Adelaide Brighton Ltd <ABC.AX> on Wednesday posted record annual revenue, but said net profit fell 2.3 percent due to a number of one-time expenses, chiefly related to debt charges.

Net profit for the year to Dec. 31 fell to A$182 million ($141.65 million) from A$186.3 million a year ago. Excluding property earnings, underlying profit after tax was A$189.3 million, compared with the company's guidance for between A$188 million and A$198 million.

The company said in November it may make a provision for debts the company said it was unlikely to be able to collect after it identified a small number of customers which may have underpaid for products supplied to them.

The company said it would pay a final ordinary dividend of 12 Australian cents per share, compared with 11.5 Australian cents a year ago. It also declared a special dividend of 4 Australian cents per share.

    

(Reporting by Syed Saif Hussain Naqvi in Bengaluru; Editing by Alison Williams)

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