Boral has posted a $212 million loss for a year in which it made 800 redundancies, and has suggested further cuts would be necessary.
Australia’s biggest building products maker posted an underlying profit of $104 million, reports AAP, $399 million worth of impairment charges and $60 million in restructuringcosts – including 800 redundancies – dragged on the result.
CEO Mike Kane said that conditions remained difficult.
"We experienced low levels of activity, ... intensified competition and $15 million of unrecoverable costs associated with the carbon tax," said Kane, according to AAP.
Slow construction activity in Australia, from where nearly four fifths of Boral’s revenue comes, did not help. Overall revenue, however, was up six per cent to $5.3 billion.
Further cost cuts will be made, with rationalisations in the Boral’s bricks and timber businesses, before the AGM on October 31.
''This is long term and more meaningful than head count, with decisions around outsourcing, leasing arrangements,'' Fairfax reports Kane as saying.