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Brickworks is feeling the pinch from a slowdown in high-rise apartment and commercial building activity in Australia and the US, flagging hefty writedowns ahead of the its full-year results.Australia’s biggest brickmaker confirmed to the market on Thursday that it would recognise a $123.5m post-tax impairment when it releases its results later this month, including a $54.7m reduction in the value of its Austral Masonry business and a $68.8m charge against its North American unit.In a statement to the ASX, Brickworks blamed a deterioration in multi-residential building activity in the second half of 2023-24 for the hit to its local masonry operation, with the decline in high-rise projects in Sydney and Brisbane described as “particularly severe”.... dropped $0.50 to $25.57 yesterday
Brickworks is feeling the pinch from a slowdown in high-rise apartment and commercial building activity in Australia and the US, flagging hefty writedowns ahead of the its full-year results.
Australia’s biggest brickmaker confirmed to the market on Thursday that it would recognise a $123.5m post-tax impairment when it releases its results later this month, including a $54.7m reduction in the value of its Austral Masonry business and a $68.8m charge against its North American unit.
In a statement to the ASX, Brickworks blamed a deterioration in multi-residential building activity in the second half of 2023-24 for the hit to its local masonry operation, with the decline in high-rise projects in Sydney and Brisbane described as “particularly severe”.
... dropped $0.50 to $25.57 yesterday
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