Australian Boral reported net profit of A $ 640 million (US $ 462.87 million) for the fiscal year ended June 30, 2021, compared to a loss of A $ 1.145 billion in the prior year . EBIT also rose 37% to AUD 445 million.
However, revenue from continuing operations was down 6% year-on-year to AU $ 2,924 million, due to lower volumes and lower prices, according to a press release.
“Our results for fiscal 2021 reflect the mixed market conditions we continue to experience in Australia during the pandemic,” said Zlatko Todorcevski, CEO.
“The value of total construction work done in fiscal 2021 was lower than in the previous year, including multi-residential, non-residential and infrastructure construction. Several major projects were completed during the period, others were delayed before new projects came online and reached materials intensity. While the rise in single-family homes stimulated activity during the year, Boral’s revenues are mainly exposed to non-residential construction activity.
Elsewhere, the company has set science-based climate targets and pledged to reduce net emissions from its operations to zero by 2050 at the latest, in line with the more ambitious goal of the Paris Agreement to limit global warming to 1.5 ° C.
“We are redefining Boral through decarbonization plans, developing our recycling activity and accelerating the deployment of our exclusive low-carbon concrete products. We have set cutting-edge, science-based carbon emission reduction targets aligned with limiting global warming to 1.5 ° C and committed to net zero emissions by 2050. This translates to a commitment to reduce our Scope 1 and 2 emissions by 46% by 2030. We are also targeting a 22% reduction per tonne of cement materials produced by 2030 for our Scope 3 emissions.
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