Building products manufacturer Brickworks Ltd (ASX:BKW) has reported a 55 per cent fall in fiscal 2010 net profit to $138.8 million, and has forecast a solid result in the following year.
The profit drop was impacted by a big drop in earnings contributed by Washington H. Soul Pattinson & Co Ltd (ASX:SOL), who Brickworks' has a 42.85 per cent stake in.
Net profit excluding one-off items fell 3.1 per cent to $110.18 million, while revenue rose 11 per cent to $656.54 million.
The Building Products Group posted a 44 per cent increase in earnings before interest and tax, to $53.4 million for the period.
A final fully franked dividend of 27 cents has been declared, taking the full year dividend to 40 cents per share.
Looking ahead, Brickworks says the short term demand for Building Products is softening as government stimulus work subsides, but the long term outlook is positive.
In the six months to the 31 January this year, Brickworks posted an $88.2 million profit.
BKW Price at posting:
$12.00 Sentiment: None Disclosure: Held
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