Adelaide Brighton lowers profit guidance
Construction firm Adelaide Brighton has downgraded its full-year profit guidance after a slower than expected second half, partly due to weather-related disruption on the east cost.
The ASX-listed company says it expects underlying net profit excluding property for the year to December 31 of between $188 million and $195 million.
That compares to $190.3 million in 2017 and is down on August 22's guidance of $200 million to $210 million.
"The ramp up in a major South Australian infrastructure project has been slower than expected in the current year, however overall project volumes are on forecast," managing director Martin Brydon said on Friday.
"A slower than expected start to the historically busier second half of the year in the construction market in Western Australia and recovery from the earlier adverse weather conditions in the east coast markets has not been as strong as expected."
Adelaide Brighton shares were down 42 cents, or 8.2 per cent, at $4.72 at 1103 AEDT.
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