News: BLD UPDATE 1-Australia's Boral sees higher earnings in 2024, annual profit falls

(Adds context on results, CEO quote in paragraph 5)

Aug 10 (Reuters) - Australian cement products maker Boral Ltd (BLD) said on Thursday it expects bigger 2024 earnings on strong demand and higher commodity prices, after it reported a drop in annual profit.

The company reported underlying earnings before interest and taxes (EBIT) of A$231.5 million in fiscal 2023, and now expects between EBIT of A$270 million ($176.28 million) and A$300 million next year.

Boral's profit for 2023 fell 4.7% from a year earlier when earnings included A$977.6 million of post-tax income from discontinued operations, relating to the profit recognised on the sale of the North American Building Products business.

Net profit before significant items fell to A$142.7 million for the year ended June 30, compared with a median Refinitiv estimate of A$123 million, from A$149.7 million a year earlier.

"We have seen volume growth across all our products, coupled with a disciplined approach to price, cost, and cash," CEO Vik Bansal said

($1 = 1.5316 Australian dollars)