Brickworks profit hit by earnings downgrade

Building products group Brickworks has revised its likely profit downwards following a similar downgrade by the listed investment house Washington H. Soul Pattinson.

Brickworks, which owns 39.4 per cent of Soul Pattinson as well as substantial property investments, said it expected to report a net profit after tax for the first half ended 31 January 2020, down 49 per cent on the previous corresponding period.

Underlying NPAT from continuing operations will be about 39 per cent lower than previously.

Contributing to Brickworks result is a lack of land sales from its property operations in the half.

The company’s brick making operations in North America will deliver a higher contribution than in the previous corresponding period, while Australian earnings are expected to be at their low point during the half.

Australian brick making has been hit by high energy costs, low building activity and extensive plant shut downs to complete maintenance and upgrading works.

Picture: Brickworks

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