Lower residential construction in Australia has seen turnover for construction materials group Adbri fall marginally in the full year to 31 December, only partially offset by increased lime sales.
The company, the renamed Adelaide Brighton, reported net profit after tax of $93.7 million, up from $47.3 million in the previous corresponding period on revenue down 4.1 per cent to $1.45 million.
Earnings were boosted by a cost-our program which delivered pre-tax savings of $35.5 million, as well as stronger volumes in the second half, particularly in Western Australia.
Adbri CEO Nick Miller said the results were better than expected given the challenging operating environment.
“We took a proactive approach to managing the impact of Covid-19, incurring some additional costs to ensure our people and customers remained safe and our sites could remain operational.
“Pleasingly we recorded a further improvement in safety with our total recordable injury frequency rate improving 47.2 per cent to 5.6 compared to 2019.”
During the year Adbri and Cockburn Cement Limited (CCL) announced the go ahead for a $199 million Kwinana Upgrade Project in Perth (pictured) which will consolidate two cement plants into one.
The plant will feature technologies to cut CO2 emissions by 20 per cent over existing plants.
The company welcomed stimulus measures by governments but said business conditions would remain challenging in the year ahead.
Picture: Adbri/Kwinana upgrade
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