Australia's Rinker Q3 to Dec net profit up 13 pct at 182 mln usd |
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Published
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Mon, 29 Jan 2007 23:36
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SYDNEY (XFN-ASIA) - Rinker Group Ltd said its third quarter net profit for the three months ended December rose 13 pct from a year earlier to 182 mln usd.The construction materials group said third quarter earnings per share rose 16 pct to 0.203 usd.Rinker, which earns more than 80 pct of its income in the US, is under a hostile 11.7 bln usd takeover bid from Mexican cement maker Cemex SA, pitched at 13 usd a share.The company forecast a full year EPS around the bottom of an 0.84-0.90 usd range before one-off items.The group said profit and profit margins rose in all major US business segments, despite lower volumes due to the housing correction.Trading revenue rose four pct to 1.286 bln usd.Rinker said the results include 5.0 mln iN pre-tax costs incurred defending Cemex's offer and a 16 mln usd tax consolidation gain for Rinker.It said excluding one-off items EPS was up nine pct on a year earlier, net profit was up six pct and earnings before interest and tax up 10 pct at 274 mln usd.For the first nine months of Rinker's fiscal year to March EPS was up 16 pct at 0.656 usd, net profit rose 13 pct to 592 mln usd and EBIT was up 13 pct at 918 mln usd.Trading revenue rose nine pct to 4.151 bln usd in the first nine months compared with the same period a year earlier.Rinker chief executive David Clarke said the environment was challenging but margins and returns were enhanced across much of the business, despite higher costs and lower volumes.'It puts us in a strong position as the US housing market begins to show signs of stabilizing,' Clarke said.But, he added, it is difficult to predict the short term impact of the US housing slowdown in somemarkets.bruce.hextall@xfn.com
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Rinker Group buys Walling Sand & Gravel 