Adelaide Brighton 2011 profit drops slightly

Company reports strong demand from South and Western Australia project.

{reg} Adelaide Brighton reported that its profit fell 2011 two percent to $148.4 million with record revenues of $1.1 billion reports Adelaide Now.

The company says the drop in profits was due to a higher effective tax rate. The company left its full year dividend unchanged at 9c per share, but will not pay a special dividend. The company says its revenues were due to demand from mining and resources and projects in South Australia and Western Australia and the continued strength of construction activity in Victoria.

The company says its clinker kiln capacity was fully utilized during the year with the company meeting sales volumes in excess of domestic production through its long term import strategy. It is investing $94 million to improve efficiency in its cement and lime division in WA and SA. The company said demand for cement was expected to be flat in 2012, lime would be marginally higher and weakness in the concrete masonry division was expected to continue.[/reg}