Boral to acquire Knauf Asia plasterboard

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Building products group Boral (ASX:BLD) reported today showing net profit after tax (NPAT) before significant items is down 7 per cent to $440 million.

Commenting on the results CEO & Managing Director, Mike Kane, says in Australia, despite a marked slowdown in housing starts and lower concrete volumes, revenues were steady.

EBITDA remained strong although it was 6 per cent lower than past year.

Boral North America delivered revenue growth of 3 per cent to US$1.59 billion.

Meanwhile, the company is set to acquire Knauf Asia Plasterboard, to form an expanded 50:50 plasterboard joint venture (JV) in Asia.

Boral will return to 100 per cent ownership of USG Boral Australia & New Zealand.

Shares in Boral (ASX:BLD) are trading 17.64 per cent lower at $4.08.

Copyright 2019 – Finance News Network

Source: Finance News Network