Adelaide Brighton (ASX: ABC) has today provided important information to the market participants. The company has issued a press release which contains information related to its NPAT or net profit after tax. As per the press release which was issued by the company on December 7, 2018, the company believes that it would be able to generate net profit after tax (keeping aside property) in the range of $188-$195 million in FY 2018. However, in the previous year, the company generated $190.3 million. This new range which is being provided by the company happens to be a little less which it had provided earlier. Previously, the company stated that they would be able to generate net profit after tax between $200-$210 million. In the press release, the comments from the top management of the company were also mentioned.
As per the top management of the company, even though the performance with respect to business was decent, the demand in H2 got impacted by the various factors which resulted in the weaker demand as compared to the demand expected by the company. The progress in regard to giant South Australian infrastructure project is not as strong as was anticipated by the management of the company. However, the management of the company also stated that the decent demand did help the price improvement in the range of the products. Also, the operational improvement program has supported the company in terms of the cost savings.
A press release was also issued by the company in on December 4, 2018. This press release contained information related to the company’s new chief executive officer or CEO and the date from which the new CEO would start working on the role. As per the press release issued, the company had made an announcement that Nick Miller would be next CEO of Adelaide Brighton Limited. The press release also stated that he would start working as the CEO of the company from January 30, 2019.
Earlier, in August 2018, the company had published the results for the half year which ended on June 30, 2018. As per the presentation, the favorable momentum in the business was supported by the diversification. In the half year, the company has managed to generate revenues amounting to $807.2 million while the company garnered underlying EBIT or earnings before interest and taxes amounting to $123.5 million. The company also stated that in the half year, it has seen favorable momentum in the volumes with respect to most of the products.
At the time of writing, the stock price of Adelaide Brighton Limited has been witnessing the negative momentum. The stock price is currently trading at A$4.670 per share which implies that the stock has fallen A$0.490 per share or 9.533% on the intraday basis. The annual dividend yield of Adelaide Brighton Limited stood at 4.09%, and the market capitalization of the company is $3.34 billion. However, the stock price of the company is trading towards the lower range.
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