Building firm Adelaide Brighton has reported a slight increase in full-year profit and predicts demand for construction material will remain stable despite a residential sector decline.
The company's net profit for the 12 months to December 31 increased 1.4 per cent to $185.3 million, with revenue up 4.6 per cent to $1.63 billion.
Underlying earnings before interest, tax, depreciation and amortisation fell 3.7 per cent to $191 million for the year, which the company attributed to lower cement volumes and higher import costs.
Shares in the company were down 5.32 per cent to $4.715 at 1355 AEDT on Thursday.
The building materials supplier said it expected demand in the residential sector to fall over the coming year, particularly in NSW and Victoria, but that this would be offset by an increase in non-residential, engineering and infrastructure work.
Australian Bureau of Statistics data released on Wednesday pointed to steeper than expected falls in home building work in the December quarter.
Adelaide Brighton announced it would put up the prices of all of its products from April 1, stating that "the demand environment is anticipated to be supportive of these increases".
The company said on Thursday it would distribute a special dividend of four cents on top of a final dividend of 11 cents a share, which was one cent lower than a year ago.
ADELAIDE BRIGHTON FULL-YEAR PROFIT UP
* Full-year net profit up 1.4 pct to $185.3m
* Revenue up 4.6 pct to $1.63 billion
* Final fully franked dividend down one cent to 11 cents, with additional special dividend of 4 cents
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